Utility companies sue to recover millions lost in currency exchange scam
The State Electricity Company and Fenaka Corporation paid MVR20 million to Sharu Launch Services to buy dollars but cheques issued by the speedboat transfer company bounced.
16 Jan 2017, 9:00 AM
Two state-owned utility companies have sued a local company to recover millions of rufiyaa lost in an alleged foreign currency exchange scam.
The State Electricity Company and Fenaka Corporation, which provides electricity in Malé and the atolls respectively, sued Sharu Launch Services after dollar cheques issued by the company bounced.
According to the case filed by STELCO in November, the speedboat transfer company was paid more than MVR3 million to buy US$200,000 at the market rate of MVR15.42 per dollar.
Fenaka sued in December to recover MVR17 million (US$1.1 million) that it ostensibly expected to receive in dollars within 30 days. But three dollar cheques made out to the company with an invalid Mauritius Commercial Bank guarantee stamp bounced.
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