Bank of Maldives deflects blame over corruption scandal

More than MVR1.4 billion (US$91 million) stolen from the state-owned Maldives Marketing and Public Relations Corporation had been funnelled through the bank accounts of a private company called SOF during the previous administration.

Senior Bank of Maldives officials were summoned to parliament’s public finance committee on Tuesday after the Anti-Corruption Commission implicated dozens of BML employees over alleged collusion in the embezzlement scheme, which went through the national bank when cheques paid to the MMPRC were deposited into SOF accounts and transferred out in large sums.

MPs expressed concern with the lack of oversight and questioned why BML had allowed cheques issued to MMPRC to be deposited into private bank accounts. Despite the MMPRC cheque endorsement policy requiring the signature of two board members, cheques honoured by BML were endorsed with only one signature.