Despite a recent legal opinion that government holding company NICIL is under no obligation to deposit monies it gathered into the Consolidated Fund, former Auditor General Anand Goolsarran found that there was no basis in the constitution or law that permitted the retention of massive amounts by it over a number of years.
In his report into NICIL’s affairs, which now forms the basis of an investigation by the Special Organised Crime Unit, Goolsarran argued that the Companies Act, which NICIL and its counsel have cited, offered no legal cover.
Goolsarran also pointed out that for a decade after its formation NICIL functioned as a