Naifaru Court orders BML to issue dollars to Naifaru NGO
19 Dec 2011, 1:45 PM
Ahmed Nazeer
Naifaru Court has ordered the Bank of Maldives (BML)’s Naifaru Branch to issue an amount of dollars requested by the ‘Naifaru Juvenile’ NGO, after it sued the bank for declining to issue dollars because the NGO had deposited dollar cheques rather than physical cash.
Naifaru Court Judge Abdul Muhusin delivered the verdict yesterday and said that there was no legal grounds for the Bank of Maldives to withhold the money, and that all the dollars saved in the bank under Naifaru Juvenile’s name belonged to the NGO.
The judge also ruled that the bank had no authority to change the money into another currency when the owner requested it to be kept in the specific currency that the owner had deposited.
The money saved in Naifaru Juvenile’s account was money aid money from foreign parties to conduct different activities under agreements it had made, and if the money was not released, the foreign parties aiding the NGO might lose confidence in it, the judge said.
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