The dispute between Madagascar and the company Polo Garments Madagascar, which had strained relations between Antananarivo and Brussels, appears to be on the path to resolution. The Malagasy State has committed to paying the compensation owed to this textile free-zone company, which suffered fire and looting during the 2009 political crisis. The President of the Refoundation, Colonel Michael Randrianirina, confirmed this commitment, noting that the bill remains substantial.
According to information shared by the Malagasy Head of State during his meeting with members of the diaspora living in Belgium last Thursday, the bill had risen to over 13 million dollars, “including interest.” However, after discussions with Belgian authorities, this amount has been readjusted, Colonel Michael Randrianirina confided to the Malagasy diaspora in Belgium. Upon his arrival at Ivato, he mentioned a reduced amount of 11 million dollars.
“If we had paid this compensation, there would have been no problems in our relations with the Belgians,” the Head of State insisted. According to the Malagasy leader, this case had notably delayed the approval of the appointment of the new Malagasy ambassador to Belgium. He also recalled that the amount was initially around 7 million dollars (6.9 million euros) at the time Madagascar was condemned by the International Centre for Settlement of Investment Disputes (ICSID), a decision Madagascar had unsuccessfully sought to annul.
Before the Head of State’s meeting with the Belgian Prime Minister in Brussels, the PGM file was on the agenda of the Council of Ministers on August 19. The minutes of this executive meeting mentioned a verbal communication regarding a mission of a Malagasy delegation to France to find a resolution to this matter.
Captured & Published at: 2026-09-13 13:08:38 (Madagascar Local Time EAT)
Original Source: https://www.2424.mg/investissement-letat-malgache-sengage-a-indemniser-lentreprise-belge-polo-garments-victime-de-pillages-durant-la-crise-politique-de-2009/
