Termination of misappropriated state funds investigation cost government MVR66 million
01 Sep 2014, 1:35 PM
The termination of an agreement to investigate the alleged misappropriation of state funds by the regime of former President Maumoon Abdul Gayoom cost the government MVR66.17 million (US$4.2 million), a special audit report of the defunct presidential commission has revealed.
The report released last month explained that UK-based firm Grant Thornton dissolved the ‘asset tracing, recovery and repatriation’ agreement on April 30, 2012, after the Attorney General’s (AG) Office failed to respond to eight emails seeking instructions on how to proceed following the controversial transfer of presidential power on February 7, 2012.
The report noted that a settlement agreement was reached following a mediation process in March 2013 for the government to pay the forensic accountancy firm MVR64.61 million (US$4.1 million).
The government also paid MVR1.56 million (US$101,167) for legal counsel – to Eversheds LLP – employed for the arbitration process.
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