IN SPOT LIGHT : Brieville Chrome : Repatriation of USD 4.75 Million to Madagascar as part of an anti-corruption investigation
The Independent Anti-Corruption Bureau (BIANCO) announces the effective repatriation of approximately USD 4.75 million to Madagascar, a sum suspected to have originated from illicit operations identified during the investigation into the exploitation of the Brieville chrome deposit.
Background of the case
This operation follows the investigation into negotiations conducted in 2023 for the exploitation of the site, involving the state-owned company KRAOMITA Malagasy S.A. (KRAOMA) and the foreign company DANA MINERALS CORPORATION. The investigation file was referred to the Anti-Corruption Unit of Antananarivo on February 18, 2026.
The investigations notably revealed the demand for a payment of USD 35 million, presented as an “entry fee” for the award of the exploitation contract, as well as compensation for the previous investor. An initial tranche of USD 5 million had been transferred to an offshore account based in Mauritius, outside the official channels of the state-owned company.
Procedure for repatriation of funds
Following the detection of these suspicious financial flows, BIANCO, in collaboration with the Anti-Corruption Unit (PAC), initiated the necessary legal proceedings as early as January 2026 to repatriate the suspected illicit assets, in line with the National Anti-Corruption Strategy and the State’s asset recovery policy.
After several steps involving judicial cooperation mechanisms between the relevant jurisdictions, these procedures resulted, on March 27, 2026, in the effective transfer of approximately USD 4.75 million back to the national territory. The recovered funds will be managed by the Agency for the Recovery of Illicit Assets (Agence de Recouvrement des Avoirs Illicites – ARAI ), in accordance with the applicable legal provisions.
This repatriation operation illustrates the coordinated mobilization of actors within the National Anti-Corruption Framework, aimed at ensuring the effective recovery of assets derived from illicit practices and safeguarding the economic interests of the State.
As part of this case, it should be noted that suspects were brought before the Anti-Corruption Unit on March 5, 2026. Three of them were placed in pre-trial detention at Antanimora Central Prison,while two others are reportedly currently abroad. An international arrest warrant has also been issued against an economic operator identified during the investigation.