Multimillionaire Tycoon Ravatomanga Seeks Relief After Madagascar Freezes Sodiat Accounts

Businessman Maminiaina Ravatomanga is asking Madagascars anti-corruption courts to ease the impact of a broad bank-account freeze hitting companies tied to his Sodiat group, warning that the measure is blocking wages, suppliers and everyday operations while investigators build their case. Ravatomanga, a prominent entrepreneur with interests across several sectors, is under scrutiny in an investigation cited by officials as involving suspected money laundering. Through his lawyers, he is not asking the court to lift the freeze outright, but to authorize practical accompanying measures that would allow essential payments under supervision as the legal process continues. His attorney, Victorine Ravonjiarivelo, told reporters at the Mamory-Ivato courthouse that asset restraints can be appropriate when wrongdoing is established. But she said the current decision is a precautionary step and should not, in her words, paralyze businesses that employ people and provide services. According to the defense, dozens of accounts linked to Sodiat-affiliated companies have been blocked, tying up several billion ariary and leaving firms unable to pay salaries on time or settle routine bills. The lawyer said the freeze has also disrupted supplier relationships, raising the risk of work stoppages and layoffs. The account restraints were ordered by the asset seizure and confiscation chamber of Madagascars Anti-Corruption Hub in Antananarivo, a specialized unit that handles financial crime cases. Officials have publicly described the matter as a money-laundering file, and Ravatomanga is also facing judicial proceedings in Mauritius, adding an international layer to the dispute. Madagascars Agency for Recovery of Illicit Assets has said the court action led to the freezing of nearly 100 accounts and the restraint of large sums in local currency as well as foreign denominations. The agency has also said part of the money has been transferred into an escrow account pending the outcome of proceedings. Ravatomangas legal team argues that corporate accounts should not be treated as personal assets simply because the companies were founded by or associated with him. They say each firm has its own legal personality, staff and contractual obligations - and that a blanket freeze risks punishing employees and partners who are not accused of any crime. In court filings, the defense is seeking a controlled mechanism to keep the businesses functioning: permission to process payroll, pay essential suppliers and cover critical operating costs, subject to oversight and reporting. The case is testing how Madagascar balances aggressive asset-tracing in corruption and financial crime investigations with the economic fallout that can come from freezing large commercial operations.