ACC pursues criminal charges against STELCO's ex-MD
The case was forwarded to the PG Office, seeking to raise charges against the STELCO's former Managing Director Abdul Shakoor and its Head of Finance Department
Former Managing Director of STELCO, Abdul Shakoor
The Anti-Corruption Commission (ACC) has concluded the investigation into the State Electric Company (STLECO)'s decision to pay a sum of over MVR 3 million to a local company to acquire dollars, and has forwarded the case to the Prosecutor General's Office for prosecution.
The case was forwarded to the PG Office, seeking to raise charges against the company's former Managing Director Abdul Shakoor and its Head of Finance Department over the matter.
While STELCO had paid Sharu Launch Services a sum of MVR 3,084,000 in advance to acquire USD 200,000, the speed boat transfer company had failed to complete the agreed services, and repay the amount as ordered by the Civil Court in May.
Noting that Sharu Launch Services does not have the license to trade in foreign currency, ACC highlighted that the Monetary Regulation prohibits the trade of foreign currency without the license issued by the Maldives Monetary Authority.
It said that STELCO's Head of Finance Department had authorized the transaction on 2nd August 2016 without evaluating the credibility of the cheque issued by the boat transfer company.
Defending the decision, the Head of Finance Department had said that they had not evaluated the company as the cheque issued by the company had the seal of the Bank of Mauritius.
ACC further said that the investigation showed that STELCO's MD Shakoor had been aware that the cheque was dated, before the exchange and had still authorized the transaction.
Sharu Launch Services has also been incriminated in a similar case for MVR 17 million with the state-operated FENAKA Corporation.
