Malagasy businessman Mamy Ravatomanga, founder of Sodiat Group and a former close adviser to ex-President Andry Rajoelina, remains in custody in Mauritius as authorities investigate alleged money laundering involving $163 million.

Mauritius’ Financial Crimes Commission said on May 28, 2026, that Mamy Ravatomanga remained behind bars as legal proceedings continued. The commission has previously said its investigation involves the laundering of approximately $163 million through offshore entities and the attachment of MUR7.3 billion ($163 million) in assets.

Ravatomanga’s arrest follows Madagascar political turmoil

Mamy Ravatomanga, who founded Sodiat in 1990 as a transport company, built the business into a diversified conglomerate with interests spanning transport, construction, aviation, hotels, agriculture, media, energy and other sectors.

He became closely associated with Rajoelina after supporting his rise to power in 2009 and was subsequently regarded as an influential economic adviser. Forbes identified Ravatomanga in 2017 as one of Madagascar’s wealthiest businessmen, citing his interests in real estate, construction, transportation and luxury hotels.

Mamy Ravatomanga left Madagascar for Mauritius in October 2025 amid political unrest that eventually forced Rajoelina from power. Mauritian authorities arrested him on October 24 on allegations connected to embezzlement and money laundering.

Mauritius freezes assets as investigation expands

The Financial Crimes Commission obtained a criminal attachment order in October 2025 in connection with the investigation, while subsequent proceedings kept Mamy Ravatomanga in custody. His bail was refused in December 2025.

The FCC has said investigators traced financial flows across multiple jurisdictions and attached MUR7.3 billion in assets linked to the investigation. Its reporting has described the case as involving money laundering and corruption and the use of offshore entities.

The investigation comes as Mauritius strengthens its asset-recovery framework. The Financial Crimes Commission is empowered to investigate financial crimes, recover proceeds of crime and pursue both criminal and civil asset confiscation.

Business empire faces scrutiny

Ravatomanga’s business interests have attracted scrutiny beyond the Mauritian investigation. His conglomerate has operated across sectors including transport, real estate, construction, hotels and agriculture, while his involvement in Madagascar’s vanilla and lychee export industries has also drawn allegations of market concentration and political influence.

His name has previously appeared in investigations involving alleged tax and financial offences in Madagascar and France, although the legal status and outcomes of those separate matters vary.

In 2025, allegations surrounding his political and economic influence intensified as protesters challenged Rajoelina’s government and accused figures close to the administration of benefiting from privileged access to the economy. Ravatomanga has denied wrongdoing and previously rejected accusations against him.

Legal proceedings remain ongoing

The case has since expanded across jurisdictions, with Madagascar pursuing separate allegations against Ravatomanga involving financial and corruption-related matters.

As of May 28, 2026, Mauritius’ Financial Crimes Commission confirmed that he remained in custody.

The investigation therefore places one of Madagascar’s most prominent businessmen at the centre of a major cross-border financial crime case, while Mauritian authorities continue tracing assets and financial transactions allegedly connected to the suspected laundering of funds.

The allegations against Ravatomanga remain unproven unless established by a court.