Bank of Maldives implicated in MMPRC corruption scandal
The national bank is accused of enabling the embezzlement scheme.
29 Jul 2019, 9:00 AM
The presidential commission on corruption and asset recovery has disputed claims of innocence by the Bank of Maldives over its alleged role in enabling the theft of MVR1.4 billion (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.
Contrary to assertions that the bank did not honour non-negotiable cheques – in violation of a legal requirement for such cheques to be deposited only to the payee’s account – the bank had accepted six not-negotiable cheques paid to the MMPRC and deposited the funds to SOF’s US dollar account, Speaker Mohamed Nasheed revealed at the start of Monday’s sitting of parliament, citing a letter from the presidential commission.
The commission’s probe into the MMPRC embezzlement scheme – a corruption scandal of unprecedented scale in Maldivian history – is ongoing.
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