(Seychelles News Agency) - The President of Seychelles, Wavel Ramkalawan, has expressed his deepest sympathies and condolences to the family and friends of Steve Fanny, the chief executive of the Financial Services Authority (FSA), who died on Friday, said State House.

According to the Police, Fanny, 50, passed away on Friday afternoon where he was staying at Pointe Au Sel. 

The police said they were informed at around 3:30 p.m. that Fanny had died from a presumed hanging. An investigation is being conducted to establish the exact cause of death through an autopsy.

Ramkawalan said in his message that "it is with immense sadness and shock that we have learned of the death of Dr. Steve Fanny. Dr. Fanny has made invaluable contributions in his professional career through the various posts he held and his passing is a great loss for the country. He will be remembered for his commitment and many accomplishments."

The Minister of Finance, Economic Planning and Trade, Naadir Hassan, has also expressed his shock at the news and conveyed his personal condolences and that of the Ministry, to Fanny's family and staff members of FSA.

He described Fanny as a "fervent ally and advocate of the Seychelles Financial Services sector" and added that he was "passionate about the industry, and how to spearhead its development."

"Dr. Fanny was a highly regarded professional in the field of the financial offshore sector, and his loss will weigh heavily on the industry, especially at a time when Seychelles is moving to modernise the industry so it can be on par with the international norms," said Hassan.

On his side, the Secretary of State, Patrick Payet, who is also the chairperson of the Board of FSA, who worked very closely with Fanny, expressed his sadness and shock about the loss.

"Dr. Fanny was an experienced and accomplished professional who contributed immensely to the development of the financial industry. He will be deeply missed," said Payet.