President Yameen urges ACC to investigate alleged Burma oil fraud: “We won’t try to cover up anything”
21 Nov 2013, 5:41 PM
President Abdulla Yameen has asked the Anti-Corruption Commission (ACC) to investigate the alleged US$800 million oil fraud conducted by the State Trading Organisation (STO) during his chairmanship.
Speaking at a celebratory function held by the Progressive Party of the Maldives (PPM) on Wednesday night, local media reported Yameen as stating “Why not investigate the case? I want the allegations against me investigated while I’m president. We won’t try to cover up anything.”
The allegations first surfaced in an Indian magazine article, which alleged Yameen was “the kingpin” of a scheme to buy subsidised oil through the State Trading Organisation’s branch in Singapore and sell it on at a premium through an entity called ‘Mocom Trading’ to the Burmese military junta.
The article drew on an investigation report by international accountancy firm Grant Thorton, commissioned by Nasheed’s government in March 2010 to investigate the oil sales after it obtained three hard drives full of financial information detailing transactions from 2002 to 2008. No digital data was available before 2002, and the paper trail was described as hazy”.
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