Closing down of SSIL
January 28, 2021
The Ministry of Finance, Economic Planning and Trade has announced that the Société Seychelloise D’Investissement Limited (SSIL) is to be closed down by June 2021.
This forms part of the current Administration policy to have in place a more streamlined and cost-effective structure, that eliminates completely, duplication of mandates.
SSIL was created as a holding company in 2009 with the intention to provide operational and governance oversight to state owned enterprises (SOEs). SSIL also holds several portfolio investments as well as several subsidiaries it has created.
Its mandate has been in conflict with the Public Enterprise Monitoring Commission (PEMC) which is responsible to monitor and evaluate the overall performance of Public Enterprises, ensure efficient operation of such Enterprises, promote ethics of good governance in all business transactions; including financial matters such as investments and budget, make recommendations to improve performance and thus increase the return on investments.
With its wind up, the SOE’s shares and ownership are to be transferred back to the Government, whilst its various portfolio responsibilities will be absorbed by existing government agencies, already tasked with similar portfolio responsibility. This will allow dividends from the SOEs and other government investments to be paid directly to the government coffers.
In the interim, all existing contracts of service with private service providers will be continued. Service providers will be notified as and when the transition is being carried out, to transfer the respective contracts under the new government’s management.
Similarly, all existing debtors and private individuals and companies that have contracts with SSIL are to continue paying their contractual obligations until they are contacted and notified of the new owners.
All staff employed by the SSIL will be offered vacant positions in Government.
The Finance department will be responsible to oversee the close down process during the coming months.