Bank of Maldives enlists Singapore firm for forensic audit
Deloitte will probe transactions related to the MMPRC corruption scandal.
12 Nov 2019, 9:00 AM
The Bank of Maldives has hired Deloitte Singapore to conduct a forensic audit of transactions related to the theft of US$90 million from the Maldives Marketing and Public Relations Corporation.
The stolen funds were funnelled through the national bank after cheques paid to the MMPRC as resort acquisition fees were deposited to the account of a company called SOF. But the bank denies enabling the embezzlement scheme.
“However, as investigations into MMPRC continue, the Board feels that it is in the best interests of the Bank and the country to engage an independent external party to conduct a detailed investigative audit into the transactions relating to this matter,” BML said on Monday evening.
Deloitte Singapore, which has more than 150 years of experience in financial services, will review all transactions with MMPRC and SOF and examine endorsed cheques as well as the reporting and control procedures in place at the time.
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