The Ministry of Finance, Economic Planning, Trade and Investment has clarified the financial arrangements between investors and the government of Seychelles for the tourism development project on Assomption Island.
The project, led by Assets Group, includes the construction of a hotel on the island. The Island Development Company (IDC) is responsible for the building work. The clarification was issued during the ministry’s mid-year review for the first half of 2025.
Finance Minister Pierre Laporte was questioned by the elected member for Glacis, Colin Tirant, who raised concerns about differing figures reported in the media. State media had reported that the government received US$45 million from the developer, while the minister had previously referenced US$17.5 million.
Secretary of State for Finance, Economic Planning, Trade and Investment, Patrick Payet, explained that the US$17.5 million relates to the lease agreement between IDC and the investor for part of Assomption Island. He said the remaining US$28.1 million is being used by IDC in its capacity as a construction company.
According to Mr Payet, IDC intends to use these funds for the hotel construction, and the company has yet to declare any profit it expects to make from its work on the island.
Following allegations of corruption linked to the project, President Patrick Herminie recently announced that a stop notice had been issued to halt construction on Assomption Island, effective Thursday, 13 November 2025. He also announced the establishment of a commission of inquiry led by former Chief Justice Mathilda Twomey to examine the development.