Sarah Rene sells off Emerald Holdings
The widow of former President Albert René has sold off her share in Emerald Holdings, a company with major property assets on land leased from the state.
Emerald Holdings Ltd is a private company that as of 2013 was 67% owned by Sarah Rene and 33% owned by Kim Sun Kan, locally know as Sunny Kan. Gregoire Payet was previously a shareholder but his involvement with the company was removed due to internal disagreements.
Emerald Holdings got public attention in 2018 when Hon. Flory Larue tabled a motion in the National Assembly asking the Government to take back all undeveloped land Sarah Rene and her companies had leased or bought from the Government and to investigate why she and her companies received so many parcels of land from the Government. President Danny failed to take this up, and did nothing to correct the the exploitation of state assets by individuals close to the ruling party .
Emerald Holdings owns 9 parcels of prime land leased or bought from the Government of Seychelles. They also owned at least 2 other parcels through a subsidiary company called Onearn Company limited which includes parcel H6012 at Vacoa village that was also purchased from the Government in the year 2000 at a price of SCR250,000.
Onearn Company is wholly owned by Emerald Holdings. Sarah Rene had famously stated on national television that parcels she owns directly or indirectly through companies are very very small and almost insignificant (pti pti bout later). The 11 parcels total 29,893 square meters a massive land grab and abuse of state property.
In 2017, the lease of 3 of the parcels was transferred from Emerald Holdings to Laxmi Trading, represented by Keshra Vishram Bhudia, for a reputed cool sum of SCR 11 million. The 3 parcels that are located at the Providence Industrial estate are V6795, V8948 and V6811. According to documents at the Land Registry Emerald Holdings also leases V8072 and V8073 which to this day are still undeveloped. The lease was signed in 2002, reportedly for a tourism project.
Four parcels also at the Providence Industrial estate where Airtel and apartment blocks are located were leased to Emerald Holdings in 2014. The 4 parcels are V18385, V18386, V18387 and V18388 and total 7576 square meters. The monthly lease for all 4 parcels is just over SCR25,000 per month. Although the buildings were constructed long before 2014 it is a mystery how the construction received planning approval.
On the 24th of May 2019, Onearn Company which is owned by Emerald Holdings transfers the 2 parcels at Vacoa village directly to Sarah Rene for the sum of SCR 8 million. On the same day, a resolution passed by the board of Directors of Emerald Holdings resolved that Sarah Rene transfer all her 67% in Emerald holdings together with all the rights attached to them to Kim Sun Kan and Jeannina Baptists Orr. 66 shares would be transferred to Kim Sun Kan and 1 share to Jeannina Baptists Orr.
In a document titled Instrument of Share Transfer also dated 24th of May 2019, details that for the transfer of the 67% of her Emerald Holdings shares, Sarah Rene has been paid the astronomical sum of SCR 72,360,000! The Land Registrar’s office refused to give a copy of this document, however the document was seen and details from the document noted by two journalists from this newspaper. With the confirmation from the Truth, Reconciliation and National Unity Commission (TRNUC) that assets from estates of perpetrators can be used for reparations to victims, it is apparent that Sarah Rene is cashing out her ill-gotten gains as the net closes.
Source: Seychelles Weekly by A.Pierre
