A US$ 90 million trail that went nowhere: the MMPRC scandal's unresolved legacy
A timeline of the unprecedented embezzlement scheme.
Artwork: Dosain
29 Jun, 4:55 PM
Nearly a decade after the theft of US$91 million from the Maldives Marketing and Public Relations Corporation, an unprecedented corruption scandal that cost the state an estimated US$ 220 million, not a single dollar has been recovered.
During 2014 and 2015, President Abdulla Yameen placed islands under the control of his Tourism Minister Ahmed Adeeb, who transferred "head leases" to the MMPRC and created joint ventures to circumvent public tenders, exploiting a loophole to bypass competitive bidding for 59 islands, lagoons and plots of land.
Resort operators paid discounted acquisition fees to develop lucrative properties. Instead of depositing the money into state coffers, MMPRC Managing Director Abdulla Ziyath endorsed cheques and diverted them to private companies. The primary money laundering vehicle was SOF, a shell company owned by Mohamed Allam Latheef 'Moho,' a former singer of a band called Scores of Flair.
The money was distributed through SOF to judges, officials and lawmakers across party lines, buying votes, passing legislation and wielding influence over the police and "youth groups."
Stolen wealth and rampant bribery captured state institutions and compromised oversight systems. The Bank of Maldives processed irregular transactions, the central bank failed to flag them as suspicious, and the Auditor General who exposed early signs of graft in 2014 was unconstitutionally dismissed.
A 2016 audit found US$ 79 million was embezzled. The loss escalated to US$ 91 million in an Anti-Corruption Commission investigation that uncovered more transactions and banking records by 2018. A presidential commission set up after the change of government calculated US$ 142.5 million in revenue foregone from leasing 37 islands below market prices. In 2019, the number of implicated individuals grew from 155 to almost 300 beneficiaries.
The MMPRC scandal represents a failure that spans multiple administrations. The preceding Maldivian Democratic Party government was elected on promises of accountability but ended with pardons for Adeeb and Ziyath. After a merry-go-round of televised trials and convictions overturned on appeal, former president Yameen was freed under the current administration in April last year.
The scandal's legacy continues to undermine public trust in Maldivian democracy.
As part of the Maldives Independent’s timeline series, looking back at the stories we missed during our five-year hiatus from January 2020 to January 2025, we're continuing the story through to the present.
30 October 2014
A special audit implicates Adeeb in redirecting US$ 6 million obtained by the MMPRC from two other state-owned companies in the guise of a loan and a currency exchange transaction.
A day after the audit report was released, the ruling party-majority in parliament sacked Auditor General Niyaz Ibrahim, four years before the end of his seven-year term. He was replaced with Hassan Ziyath, a former ruling party parliamentary candidate and brother of MMPRC managing director Abdulla Ziyath.
Yameen elevated Adeeb to the vice presidency in July 2015.
28 September 2015
An explosion on the presidential speedboat as Yameen returned to Malé from the airport injures the first lady, a bodyguard and an aide, sparking a political crisis with a shake-up of the security forces, arrests of top military officers and raids of offices and homes linked to Vice President Adeeb.
23 October 2015
24 October 2015
Adeeb arrested on charges of high treason upon his return from Singapore.
25 October 2015
Addressing the nation, Yameen accuses Adeeb of siphoning off resort lease payments made to the MMPRC and using the proceeds to buy influence within the police, military, parliament and judiciary.
"We do not know how much money has been given to individual MPs. It is to find that out that we are reviewing how money enters MMPRC, and how the funds are spent," he says.
Two days later, Yameen orders an audit of the MMPRC. Separate inquiries by the police and Anti-Corruption Commission were underway.
28 October 2015
Hamid Ismail, an influential businessman related to Adeeb, is arrested in Malaysia.
According to the police, acquisition fees paid to the MMPRC to lease a lagoon were funnelled to a company linked to Hamid called Millennium Capital Management. The same company had been flagged in the October 2014 audit after money transfers from the MMPRC.
In November 2015, Hamid is charged with embezzlement and money laundering.
6 December 2015
The Prosecutor General's office charges Adeeb with abuse of authority to illegally lease an island for resort development.
Ziyath is charged with embezzlement of payments made to the MMPRC.
17 December 2015
Adeeb charged with more counts during a surprise hearing at a makeshift courtroom in Dhoonidhoo. Ziyath charged with more counts of embezzlement.
3 January 2016
After concluding 17 cases in December, the police forward more cases against Adeeb and Ziyath for prosecution.
20 January 2016
31 January 2016
Adeeb, Ziyath and Hamid summoned to court for preliminary hearing. The case involves the theft of US$ 5 million paid as the acquisition fee for Lhaviyani Maabinhura.
6 February 2016
Long-awaited release of the MMPRC special audit lays bare the unprecedented scale of the theft.
When acquisition payments worth US$ 97 million were made to the MMPRC, only US$ 12.5 million went into the company's accounts. The stolen funds include US$ 65.01 million collected as acquisition costs, US$ 6.13 million paid to private companies to buy dollars, US$ 6.15 million provided as loans, and US$ 1.9 million released without any documentation.
Some US$ 70 million rolled through SOF, whose owner Allam fled the country in the wake of the September 28 blast on the president’s speedboat, whilst US$7.50 million was funnelled through Hamid’s Millenium Capital Management, and US$1.15 million was deposited into the accounts of Montillion International, a company where Adeeb's shares had been transferred to his father in March 2012.
In a statement, SOF claims to have provided a "brokerage" service and distributed the funds as requested to the first couple, the ruling party and senior politicians.
7 February 2016
Yameen vows to take action against those complicit after telling parliament the previous week that the Attorney General's office will seek to recover the stolen funds.
18 February 2016
SOF paid a legal consultancy firm chaired by former UK Prime Minister Tony Blair's wife for a contract with the Maldivian government, The Daily Mail reveals, citing leaked invoices and bank records.
SOF owner Allam later admits to making the payment at Adeeb's behest.
On the same day, Gasim Abdul Kareem, a manager at the Bank of Maldives’ Nilandhoo branch, is arrested for leaking SOF's bank statement, exposing how more than US$ 84 million was channelled between May 2014 and October 2015.
After a closed-door trial, the whistleblower – who was shortlisted for a Transparency International award – is sentenced on November 15 to eight months and 12 days in prison on charges of unlawful acquisition and illegal disclosure.
14 March 2016
Ziyath followed Adeeb's instructions and deposited a US$ 5 million cheque for the Maabinhura lease to the account of Hamid's Millennium Capital, prosecutors tell the criminal court.
13 April 2016
ACC seeks corruption charges against Adeeb over the US$ 6 million scandal exposed in October 2014 audit.
26 April 2016
Judge enters not guilty pleas on behalf of Adeeb, Ziyath and Hamid after they refuse to respond over the alleged failure to share case documents.
25 May 2016
Adeeb accuses the criminal court of rushing to “direct the trial on a particular track.”
31 May 2016
ACC questions Yameen for its MMPRC investigation.
1 June 2016
Two witnesses from Millennium Capital Management testify to handing three cheques worth US$ 4 million to Adeeb. Thee days later, the criminal court holds last hearing of the Maabinhura trial behind closed doors.
23 June 2016
Adeeb is found guilty over the theft of the US$ 5 million Maabinhura lease payment and sentenced to eight years in prison.
Ziyath is also handed an eight-year sentence. Hamid is sentenced to two years, nine months and 18 days.
28 June 2016
A group chat of the ruling Progressive Party of Maldives erupts in anger and threats over the ACC’s investigation of MPs tied to the MMPRC corruption.
21 July 2016
ACC questions Adeeb over US$ 1 million deposited to Yameen's private Maldives Islamic Bank account.
7 August 2016
The New York Times reports allegations made by former president Mohamed Nasheed – the exiled opposition leader – about Yameen illegally selling oil to Myanmar's military junta in the early 2000s and pocketing nearly US$ 150 million. The government denies the claims.
7 September 2016
Al Jazeera releases explosive documentary "Stealing Paradise" after a frenzy of anticipation, featuring evidence collected from Adeeb's mobile phones as well as secretly filmed confessions from three of his associates about delivering stolen cash to the president.
The government dismisses the damning corruption exposé as defamatory and biased.
Hours after it was posted on YouTube, police raids the Maldives Independent office over an alleged coup plot, and the immigration department cancels the passports of former president Nasheed, former vice president Dr Mohamed Jameel Ahmed, and two senior MDP officials living in exile in the United Kingdom.
18 September 2016
ACC launches fresh inquiry to verify information in the Al Jazeera documentary.
MMPRC sues SOF in the civil court to recover MVR 160 million released in 2015 to buy US dollars.
The civil court ordered SOF to pay it back in September 2017.
22 September 2016
Immigration revokes the passports of MDP Chairman Ali Waheed and SOF shareholders in exile, including Allam, Ahmed Ishfah Ali, and Mohamed Hussain ‘Oittey’ – all of whom appeared in the Stealing Paradise documentary and face trial over a weapons cache that was discovered submerged in a reef – as well as Mohamed Wisham and Mohamed Aseel Ahmed.
2 October 2016
ACC questions Adeeb after a private screening of the Al Jazeera documentary at the high-security Maafushi prison.
10 October 2016
Yameen apologises for the MMPRC corruption scandal but stops short of taking responsibility, pinning the blame solely on his jailed former right-hand man.
16 November 2016
At a press conference on the occasion of the government's third anniversary, Attorney General Mohamed Anil vows to recover the stolen funds from the MMPRC.
Later in the month, Tourism Minister Moosa Zameer claims the government was close to recovering the money.
14 December 2016
ACC seeks new charges against Ziyath over the no-bid lease of Mathiveri Finolhu to an undisclosed person for US$ 400,000, out of which US$ 324,254 was returned to the same man for a plot of land in Hulhumalé that was registered under the name of Ziyath's cousin.
A month later, the PG office raised separate charges against Ziyath and Adeeb's cousin Hussain Shahid over the alleged embezzlement and transfer of US$ 1 million from the MMPRC to the latter's account.
10 March 2017
Adeeb's lawyer denies media reports about an escape attempt from the Maafushi prison after his client was transferred to a police detention centre.
26 April 2017
Police investigates MP Mohamed Ismail's declaration of delivering "sacks of money" to opposition lawmakers, after he stood by the apparent admission of bribery but claimed to have been unaware the money was stolen. The case is closed a few days later.
29 May 2017
Adeeb seeks permission to travel overseas for the treatment of glaucoma, kidney stones and internal cysts. The government denies his request for medical leave. AG Anil says Adeeb would flee if he is allowed to leave the country, and Yameen says he could only leave after returning the stolen MMPRC money.
In early June, Adeeb shares an open letter through his lawyer about his medical condition. Amnesty International and opposition figures, including former presidents Nasheed and Maumoon Abdul Gayoom, express concern over his health and safety.
2 July 2017
Adeeb's lawyers allege an attempt to assassinate the 35-year-old in police custody.
It comes after Adeeb wrote to the Supreme Court and accused the government of framing former defence minister Mohamed Nazim and engineering the imprisonment of former president Nasheed.
1 August 2017
Adeeb is charged with nine counts of abuse of authority and Ziyath is charged with 25 counts of embezzlement.
14 August 2017
"The cash that entered my house was no doubt not halal," Yameen says in a tirade about opposition lawmakers implicated as beneficiaries, prompting the MDP to renew calls for his resignation and to seek an ACC probe and an investigation order from the Prosecutor General.
1 November 2017
12 November 2017
4 January 2018
Ziyath cannot be tried on fresh corruption charges because he was never questioned about the new cases, his lawyer argues in court.
1 February 2018
The civil court freezes bank accounts of 10 companies and two individuals in relation to the MMPRC corruption scandal, including accounts connected to SOF.
22 July 2018
Adeeb tells the criminal court that he ran the country while Yameen counted US$ 80 million in his house. The stolen MMPRC money was withdrawn in cash and taken to the president's residence, he alleges.
6 August 2018
On the campaign trail, Yameen seeks to divert blame for the MMPRC scandal, accusing the opposition of benefitting from large portions of the stolen money.
22 August 2018
At a rally in Noonu atoll, opposition candidate Ibrahim Mohamed Solih vows to "find the MMPRC stolen funds, wherever they may be."
25 August 2018
Hamid Ismail is freed after completing his sentence.
13 September 2018
The Maldives Inland Revenue Authority refused to cooperate with the MMPRC audit, says former auditor general Niyaz Ibrahim.
17 September 2018
At the presidential debate, Yameen blames the MMPRC corruption scandal on flaws in the system.
18 September 2018
Days before his defeat in the September 23 presidential election, a new report by the Organised Crime and Corruption Reporting Project (OCCRP) alleges Yameen's intervention to clear at least 24 no-bid resort leases, describing an "orgy of government corruption" and naming local tycoons and global investors, including Singaporean billionaire Ong Beng Seng, who was said to have offered luxury accommodation to the president during negotiations for two islands.
Former police intelligence chief Abdulla Fairoosh says Yameen had been warned of the embezzlement orchestrated by his vice president.
2 October 2018
The central bank's Financial Intelligence Unit alerted police to MVR 22.5 million in cash taken by Yameen days before the polls, Al Jazeera reveals.
7 December 2018
Yameen says commercial banks must bear responsibility for the loss of MMPRC funds, speaking at a PPM rally to award party tickets for the 2019 parliamentary election.
9 December 2018
Yameen was the final decision-maker in selecting islands to be leased under the MMPRC, Ziyath says in a press statement.
16 December 2018
Yameen's bank accounts are frozen after he was questioned by the police.
18 December 2018
Disclosing the findings of a probe launched three years ago, the ACC reveals the distribution of stolen US$ 91 million to the bank accounts of 155 individuals. The case of US$ 1 million in Yameen's bank account is taken up by the police.
2 January 2019
After spending a month under house arrest, forming a new party and undergoing surgery, Adeeb is taken back to prison.
Three days later, he was admitted at IGMH for nearly three weeks. His supporters protested his eventual return to prison.
8 January 2019
Yameen is questioned at the police headquarters for more than four hours. He defends an arrangement made with the ACC to keep the US$ 1 million from SOF in an escrow account.
On the following day, Yameen admits to having transferred the US$ 1 million to an MIB investment account and later obtaining a US$1 million cheque from former tourism minister Moosa Zameer to deposit to the ACC account at the Bank of Maldives. He insists that there should be no problem “as one million for one million was deposited to the escrow account.”
The new presidential commission on asset recovery begins work.
27 January 2019
Attorney General Ibrahim Riffath says the state is seeking the help of international lawyers to recover the stolen funds.
6 February 2019
Police seek charges against Yameen and his former legal affairs minister Aishath Azima Shakoor.
7 February 2019
President Ibrahim Mohamed Solih declares “zero tolerance” to corruption.
9 February 2019
Ziyath is transferred to house arrest.
14 February 2019
Youth and Sports Minister Ahmed Mahloof and State Minister Akram Kamalludin are suspended over transactions with SOF after the ACC releases its long-awaited report.
They were among several politicians, lawmakers and prominent businesses named in the 776-report as the beneficiaries of large sums from the stolen MMPRC funds.
Mahloof defended his dealings with SOF as a “legitimate currency exchange transaction" and shared a receipt of the August 2014 payment of US$ 33,000 in exchange for MVR 508,860.
The defence would become a common refrain over the coming days.
PPM MPs including Moosa Manik, Riyaz Rasheed and Hussain Manik Dhon Manik denied any knowledge of the source of the SOF money.
Two days later, MP Qasim Ibrahim, leader of the Jumhooree Party, defended transactions between his Villa Travels and SOF as legitimate.
15 February 2019
As criticism mounts over the ACC's failure to follow the money trail, a protest march in Malé calls for the removal of the commission's five members. Former auditor general Niyaz accuses the watchdog of omitting the names of several beneficiaries, calling the report the “tip of the iceberg” and disputing the estimated US$91 million as “a fraction of the MMPRC corruption.”
The ACC dismissed the criticism and blamed other state institutions for failing to act after findings were shared in 2017.
17 February 2019
The Bank of Maldives defends depositing cheques endorsed by Ziyath into the SOF account. While an MMPRC board resolution required cheques to be signed by both parties involved in the transaction, BML says it was not obligated to follow a company board resolution. But suspicious transactions had been regularly reported to the Maldives Monetary Authority's Financial Intelligence Unit, the national bank insists.
As the fallout continues from the ACC report, Abdulla Azim, a board member of the state-owned Island Aviation and a member of the ACC's MMPRC investigation team, is revealed to have received over US$ 50,000 from the stolen funds. He is suspended three days later.
18 February 2019
The criminal court orders Yameen's detention for the duration of his money laundering trial.
19 February 2019
ACC seeks charges against Athif Shakoor, the former head of the Financial Intelligence Unit, an independent agency within the central bank that is tasked with flagging suspicious transactions after collecting and analysing information about money laundering. Athif, who resigned from his position in June 2015, failed to alert the appropriate authorities to suspicious transactions.
A parliamentary committee questioned the central bank's governor and former FIU heads in early March.
Ibrahim Waheed 'Asward,' Sangu TV managing director, denies using stolen MMPRC funds.
20 February 2019
MWSC Chairman Ahmed Mausoom is suspended over US$ 6.1 million paid from SOF to two of his companies.
Major Naveen Zubair, who received dollars from SOF, will be reprimanded, the army chief assures. Zubair and Sergeant Ismail Shakeeb were both suspended in late March.
7 March 2019
A 1,065-strong petition is submitted to parliament calling for the removal of ACC members.
13 March 2019
MMA Governor Ahmed Naseer summoned to police for questioning.
27 March 2019
Adeeb transferred to house arrest on his doctor's orders.
16 April 2019
Mahloof and Akram Kamalludin's suspensions are lifted after the police and ACC cleared them of wrongdoing. Mausoom and Azim are also allowed to return to work in the following week.
26 May 2019
Tourism ministry bans the sale of ownership rights for 57 islands leased through the MMPRC. The corruption scheme must be thoroughly investigated in order to restore investor confidence, says Tourism Minister Ali Waheed.
30 May 2019
High Court quashes Adeeb's eight-year prison sentence and orders a retrial.
Adeeb's combined 33-year sentence is wiped out over a two-week period as the Supreme Court overturned his 10-year terror conviction on May 29 over an alleged plot to use a pistol ahead of an anti-government protest in May 2015, a week after the High Court set aside a conviction on a separate terrorism charge.
2 June 2019
The criminal court dismisses a dozen cases against Adeeb.
Despite the High Court instructing the PG office to seek an order to keep Adeeb detained until a fresh trial, the criminal court denies the request. Backing a proposal by Chief Judge Ahmed Hailam, the court’s council contends that moving ahead with Adeeb’s cases without “an investigation that is free of influence” would not be legitimate.
2 July 2019
Former FIU head Athif Shakoor is charged with negligence.
22 July 2019
Speaker Nasheed announces that parliament will consider withdrawing a request to investigate and seek perjury charges against Bank of Maldives Deputy CEO Mohamed Shareef.
The reversal came after Shareef – who is now BML CEO – pledged to cooperate with a committee inquiry. Earlier in July, the public accounts committee questioned Shareef after the ACC investigation implicated dozens of BML employees over alleged collusion in the MMPRC embezzlement scheme. But the bank defended its staff and denied illegally honouring cheques endorsed by Ziyath. Despite an MMPRC cheque endorsement policy requiring the signature of two board members, the bank was not obliged to follow a board resolution, it insisted.
29 July 2019
The presidential commission disputes the Bank of Maldives' claims of innocence, accusing it of honouring six non-negotiable MMPRC cheques in violation of a legal requirement for such cheques to be deposited only to the payee’s account.
1 August 2019
Indian immigration holds Adeeb at the Tuticorin port after he fled the Maldives as a stowaway on a tugboat. The 37-year-old was detected as an unregistered “extra person” and denied entry.
He was brought back to the Maldives five days later and placed in remand custody. The Supreme Court later ordered his detention for trial.
His lawyer says Adeeb will honour a cooperation agreement signed with the authorities in June, after which he had confessed to his role in the MMPRC embezzlement scheme and provided details about how the money was stolen and laundered.
22 August 2019
Yameen and Adeeb quarrel at the former's money laundering trial as the estranged pair faced each other for the first time in four years.
After Adeeb testified as a prosecution witness, undermining the defence's alibi concerning the source of the US$ 1 million from SOF, Yameen himself cross-examined his former vice president, questioning his credibility and repeatedly asking whether he was claiming to have committed crimes on the president's orders. Adeeb replied yes.
19 September 2019
Adeeb sentenced to three months and 18 days in prison over the attempted escape in defiance of a Supreme Court travel ban.
Meeting the press on the same day, President Solih reveals that the inquiry commission had identified "about 60 islands that were leased at cut prices to various parties."
Adeeb's conviction on a guilty plea to an obstruction of justice charge came after he was released to house arrest in late August with an electronic monitoring device.
29 September 2019
PG office raises fresh corruption charges against Adeeb on seven counts related to the MMPRC scandal.
8 October 2019
Parliament passes the whistleblower protection law.
24 October 2019
Amid growing calls in parliament for disclosing the recipients of the stolen funds, the police, ACC and presidential commission reveals at a joint press briefing that the number of beneficiaries stands at 267 people, including 44 lawmakers from the 18th parliament, 16 lawmakers from the 19th parliament, five former members of independent commissions, 30 senior officials from the previous government, seven senior officials of the incumbent government, five judges (sitting and former), seven officers from the security services (including a former police commissioner and deputy commissioner).
4 November 2019
Yameen summoned to the police for questioning.
11 November 2019
Bank of Maldives enlists Deloitte Singapore to conduct a forensic audit of transactions related to the MMPRC scandal.
19 November 2019
Major Naveen Zubair, who was among the beneficiaries of the stolen MMPRC funds, is promoted to Lieutenant Colonel.
28 November 2019
Yameen is found guilty of laundering US$ 1 million deposited to his bank account by SOF. The 60-year-old opposition leader is fined US$ 5 million and sentenced to five years in prison.
14 July 2020
Criminal Court Judge Ismail Rasheed dismisses seven charges against Adeeb after he alleges coercion to sign a plea deal in exchange for securing medical treatment.
Adeeb was subsequently freed from house arrest.
23 July 2020
Asset recovery commission submits report to President Solih.
29 July 2020
Judicial Services Commission suspends Judge Ismail Rasheed.
5 October 2020
The criminal court sentences Adeeb to 20 years in prison with a MVR 2 million fine after he pleaded guilty under a plea bargain.
30 November 2020
Ziyath handed 11-year prison sentence after striking a plea deal in all 32 cases against him at the criminal court.
16 November 2020
Police seek charges against Ahmed Nihan, former PPM parliamentary group leader, for allegedly soliciting and accepting bribes from Adeeb.
12 May 2021
A joint parliamentary committee publishes a list of 281 alleged beneficiaries of the stolen MMPRC money, including 119 state employees and 16 lawmakers.
Auditor General Hassan Ziyath, whose name was on the list, resigns in the wake of the disclosure.
But not all of the individuals knowingly engaged in corruption, says Asset Recovery Commission President Ahmed Assad.
21 September 2021
The President’s Office denies allegations made by dismissed tourism minister Ali Waheed about President Solih collecting MVR 35 million from the stolen MMPRC funds.
30 November 2021
Supreme Court overturns Yameen's money laundering conviction and five-year prison sentence. The state failed to establish the source of the US$ 1 million in Yameen's account, the apex court ruled.
A three-judge panel unanimously quashed the lower court verdict after concurring with key points of the appeal, including a discrepancy between a cheque number on the SOF's bank statement and the deposit slip.
The justices expressed surprise at the PG's decision not to charge SOF shareholders and directors.
But Yameen still faces trial on bribery and money laundering charges over the lease of the Vaavu Aarah and Raa Fuggiri islands.
30 March 2022
State Minister for Tourism Ahmed Solih acquitted on abuse of authority charges raised in connection with the transfer of head leases to the MMPRC.
5 April 2022
The reconstituted ACC with five new members vows to recover the stolen MMPRC funds.
4 August 2022
During the Vaavu Aarah money laundering trial, Mohamed Hussain 'Oittey' testifies to handing over US$ 1 million to Yameen on the instruction of Adeeb.
9 August 2022
Yameen masterminded the MMPRC embezzlement to pay off his campaign debt, his former ally Ahmed Nazim testifies.
12 August 2022
The stolen MMPRC funds are in a Singapore vault that could only be opened with Adeeb’s retinal scan, Yameen claims at a press conference.
25 December 2022
Yameen is found guilty of accepting a bribe from former lawmaker Yoosuf Naeem to secure the no-bid lease of Vaavu Aarah.
The former MP for Vaavu Felidhoo was also convicted of bribery and sentenced to three years, two months and 12 days in prison.
Aarah case timeline:
August 9, 2015 – Authority to lease Aarah transferred to tourism ministry
August 13, 2015 – a company called 2G Pvt Ltd with a 99% stake owned by Yoosuf Naeem is created
September 8, 2015 – 99% of shares in 2G Pvt Ltd sold to LA Resorts Pvt Ltd
September 9, 2015 – MMPRC hands over Aarah to 2G. LA Resorts issues US$ 1 million cheque to the MMPRC as the island’s lease acquisition cost. A separate US$ 1 million cheque is issued to Naeem.
September 13, 2015 – US$ 1 million cheque deposited to Naeem’s account
September 15, 2015 – cheque for US$ 1 million issued by Naeem to then-president Yameen
September 17, 2015 – US$ 1 million deposited to an account opened under Yameen’s name at the HSBC Bank.
Yameen and Naeem insisted the transaction was a sale of US dollars for Rufiyaa, claiming it was unrelated to the resort lease.
6 February 2023
In his state-of-the-nation address at the opening of parliament, President Solih says that 14 cases related to the MMPRC corruption have been submitted to court and proceedings involving seven individuals and two companies were underway.
The ACC was investigating 53 related cases and working with the PG office on eight of those cases, he said.
20 February 2023
ACC instructs MMPRC to recover MVR 37 million from Abdulla Asim.
16 March 2023
ACC seeks charges against former defence minister Moosa Ali Jaleel to recover US$ 1 million from the stolen MMPRC funds.
8 April 2023
The criminal court confirms the PG office's withdrawal of bribery charges against Youth and Sports Minister Mahloof, citing insufficient evidence to prove guilt.
Mahloof, a former lawmaker, was accused of accepting a US$ 33,000 bribe from Adeeb to vote for the previous government’s special economic zones legislation in 2014. Mahloof previously claimed he was a “sacrificial lamb” for the corruption scandal.
Several hearings scheduled in Mahloof’s trial had been cancelled in recent months. In August 2021, Transparency Maldives questioned the “political will to end corruption and hold to account powerful political figures” after a hearing in Mahloof’s trial was cancelled upon request of the President’s Office. The minister had been accompanying the president on an official trip to Meemu atoll. Mahloof remained in the cabinet despite a "zero tolerance" policy to fire political appointees charged with corruption.
11 April 2023
High Court overturns criminal court order for Yameen to pay a US$ 5 million fine in connection with his money laundering conviction in the lease of Vaavu Aarah.
12 June 2023
Adeeb says MP Ibrahim Rasheed 'Bondey' was part of negotiations for leasing the Raa Fuggiri island. But the former MDP lawmaker denied meeting the vice president to secure a deal.
12 July 2023
State withdraws charges against Ahmed 'Krik' Riza – a co-defendant with Yameen in the Raa Fuggiri money laundering trial – in order to analyse a recording of a conversation between the defendant and Assistant Police Commissioner Mohamed Riyaz.
7 September 2023
Ziyath handed new 12-year prison sentence after pleading guilty to 32 counts of embezzlement.
13 November 2023
Four days before leaving office, President Solih pardons Adeeb and Ziyath.
Their release followed Adeeb’s return in mid-September from medical leave in Singapore. Adeeb leaves the country again five days later but eventually comes back to the Maldives.
18 April 2024
The High Court overturns Yameen’s 11-year prison sentence and orders a retrial.
Yameen had been released to house arrest following his former party's victory in the September 2023 presidential election. But after skipping President Dr Mohamed Muizzu’s swearing-in ceremony, Yameen left the ruling coalition and decided to form a new party. He was abandoned by almost the entire leadership and activist cadre of the Progressive National Congress, most of whom were now ministers, political appointees and bosses of state-owned enterprises.
1 January 2025
The civil court orders Adeeb to pay a fine of US$ 1 million stemming from his October 2020 corruption conviction under a plea bargain.
19 January 2025
Under the leadership of new Prosecutor General Abbas Shareef, the PG office terminates cooperation agreements with Adeeb and Ziyath.
28 April 2025
Two key defence witnesses refuse to testify as Yameen’s bribery and money laundering trial over the Raa Fuggiri lease resumes after more than eight months.
Yameen is accused of accepting a US$ 1.1 million bribe to lease the island for resort development. The Sun Construction and Sun Investment companies of resort tycoon Ahmed Siyam as well as businessman Ahmed Riza were charged as co-defendants.
Charges withdrawn in 2023 against Riza will not be resubmitted as the police have not been able to conduct voice analysis on an alleged recording of his conversation with a senior police officer, prosecutors told the court.
The defence witnesses, both of whom are now senior government officials, were to be called to back Yameen’s assertion that the alleged US$ 1 million bribe to secure the resort lease had been a legitimate currency exchange transaction.
26 May 2025
Fuggiri trial resumes with a defence witness backing Yameen's alibi of exchanging local currency for US$ 1 million.
Abdulla Rasheed, former head of external affairs at the presidential residence, testified to carrying MVR 17 million in cash (344 bundles of MVR 50,000) from Yameen to Sun resorts owner Siyam. The witness could not remember the exact date but told the court that the transaction occurred in mid-2016.
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