Government paying Grant Thornton £4.6 million to halt STO oil trade investigation
15 Sep 2013, 7:26 PM
The Maldivian government has reportedly been paying millions of dollars in penalty fees to forensic accountancy firm Grant Thornton, after last year terminating its contract to recover assets allegedly stolen during the 30 year regime of Maumoon Abdul Gayoom.
Under the terms of the contract, signed by the former Nasheed administration in July 2010, Grant Thornton would charge no fee for the investigation beyond costs such as flights and accommodation, instead taking a percentage of the assets recovered. At the same time, Grant Thornton was entitled to charge a penalty fee of up to US$10 million should the government terminate the investigation, such as in the event it arrived at a political deal.
One of the first acts of President Dr Mohamed Waheed’s government after 7 February 2012’s controversial transfer of power was to dissolve the Presidential Commission which had been overseeing Grant Thornton’s investigation, and terminate the agreement with the forensic accountants.
In August 2012, Attorney General Azima Shakoor issued a statement announcing that her office had received two invoices totalling US$358,000 and GBP£4.6 million from Grant Thorton, charges she claimed were for legal advice provided to Nasheed’s government.
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