A recent special audit report has brought to light significant irregularities surrounding the Seychelles Trading Company’s (STC) cold storage facility project, specifically regarding the handling of public funds and oversight protocols. According to the document, which was signed by Auditor General Gamini Herath on March 16, 2026, the project was marred by questionable financial transactions and potential conflicts of interest.
The audit highlights a concerning breach of standard procurement procedure on April 13, 2022. On that date, an initial payment of 14.3 million Seychelles Rupees (SR)—representing 18 percent of the total contract value—was issued for the project. However, rather than being deposited into the corporate bank account of the contractor, SeyTurk Limited, the funds were transferred directly into the personal bank account of one of its directors, Jean Pierre Morin. This transaction was processed based on an invoice submitted by SeyTurk and received the direct authorization of Siana Bistoquet, the Chief Executive of the Seychelles Trading Company.
The Auditor General emphasized that this bypass of established corporate banking channels exposed the state-owned trading entity to severe financial risk, noting that had the contractor defaulted, the recovery of such funds would have been significantly jeopardized. While subsequent payments related to the project were directed to the company’s legitimate accounts, the initial transfer remains a point of contention. The total expenditure for the project, which was finalized under a contract signed on March 31, 2022, reached 109.4 million SR, excluding value-added tax. SeyTurk Limited is owned by three directors: Jean Pierre Morin, who holds a 40 percent stake, and Osman Ethem Karaduman and Adem Oran, who each hold 30 percent.
Beyond the financial irregularities, the audit exposed a questionable professional relationship involving Eric Talma, who served as the Project Coordinator for the STC between June 2022 and January 2024. During his tenure, Talma was responsible for issuing Development Reports, which served as the primary justification for releasing contract payments to the developer. The audit concluded that these reports were consistently biased in favor of the contractor, suggesting a clear conflict of interest.
Further complicating the matter is Talma’s transition following his departure from the state trading company. By April 2, 2025—the date the completed facility was officially handed over—Talma had joined the contractor’s team, signing the handover certificate in his new capacity as an architect for SeyTurk Limited. These findings, detailed in sections 2.10, 2.11.4, and 2.13.2 of the audit, paint a picture of internal oversight failures that ultimately compromised the integrity of the state-funded project.
Source: NaijaProbe