ACC highlights irregularities in finances of Maldives Entertainment Company
24 Jul 2011, 7:49 PM
The Anti-Corruption Commission (ACC) has released findings of an investigation into the finances of the Maldives Entertainment Company Ltd (MECL), highlighting discrepancies and irregularities in the company’s financial records.
According to a press statement by the ACC on Thursday, the investigation of the 100 percent state-owned corporation was prompted by numerous complaints regarding its expenses, inventory and high salaries of board members.
“Even though records of expenditure were kept, the figures in the records and the actual amount withdrawn from the [corporation’s] bank account differs,” the ACC findings noted.
“While company records show that Rf676,262.95 (US$43,800) was spent, the bank account showed that Rf807,703.95 (US$52,300) was withdrawn for expenses. Therefore, Rf134,470 was withdrawn from the bank without any record [of how the money was spent].”
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