ACC confirms deposit of US$1 mln to Pres. Yameen’s MIB account

Anti-Corruption Commission (ACC) has confirmed that US$1 million was deposited to the Maldives Islamic Bank (MIB) account of President Abdullah Yameen from SOF company, one of the key players in the Maldives Marketing and Public Relations Corporation (MMPRC).

The corruption watchdog made the statement after reviewing the case of US$ 500,000 deposited to the said account. The report said that US$ 500,000 (MVR 7.7 million) was deposited to an account in MIB opened under President Abdullah Yameen’s name on 13th October 2015. The cheque was deposited by SOF Company Secretary, but the nature of the deposit, ACC said, was unknown.

ACC said President Yameen and former Vice President Ahmed Adeeb were questioned over the case. However, ACC had filed the case, citing they could not summon shareholders and Company Secretary of SOF. A red notice was issued on these individuals. However, none of them had responded to the red notice and investigative authorities had not been able to bring them back to the Maldives.

ACC was silent on whether President Yameen had returned the US$ 500,000 back to the state.

Mohamed Allam Latheef, one of the shareholders of SOF company, is an individual wanted by Interpol in connection to Himbalhidhoo case and MMPRC case. He is a close associate of the former Vice President Ahmed Adeeb. Over MVR 1.22 billion, earned from the lease of islands, was siphoned off from MMPRC accounts to accounts affiliated with SOF.

SOF said that all proceeds from MMPRC had been deposited to accounts of President Yameen and First Lady Fathimath Ibrahim, as well as accounts registered under Progressive Party of the Maldives (PPM). When MMPRC filed the case back in September Civil Court had decreed that SOF must pay MVR 160 million.

The audit report issued by the Auditor General had revealed that MVR 1.22 billion of state funds was embezzled through the state-owned corporation.

As such, US$ 65.01 million (MVR 1 billion) was deposited to private accounts, US$ 6.31 million (MVR 97.3 million) as dollar transactions, US$ 6.15 million (MVR 94.8 million) released as loans to private companies and an additional US$ 1.90 million (MVR 29 million) released to private companies on undisclosed reasons all had been grafted from the corporation.

The MMPRC Audit Report, 59 areas had been leased from MMPRC for development as tourist hotels, yatch marinas and other projects. This included 53 areas released under agreement with Tourism Ministry and MMPRC, while the rest six were released without an agreement with Tourism Ministry.

This translates to US$ 98.86 million (MVR 1.5 billion) as acquisition costs, out of which only US$ 76.91 million (MVR 1.22 billion) had been recorded as received by the Corporation.

US$ 65.01 million had been deposited to private accounts from the Corporation, while only US$ 12.50 million had been deposited to MMPRC accounts. The report shows that an additional US$ 300,000 had been received from Maldives Inland Revenue Authority (MIRA).

The report further notes that US$ 1.8 million worth of cheques was accepted, but not deposited to any accounts.

Opposition political figures and civil society bodies have condemned the delays in publishing the report on the biggest graft in the nation’s history. However, ACC said the delays were caused following the Al-Jazeera expose “Stealing Paradise”, which had brought forward more areas to investigate. In spite of this assertion, opposition members allege that the delays were caused by political pressures. Raajje.mv understands that months have lapsed since the report had been fully investigated and sent to Commission members.

While the opposition alleges that President Yameen is a direct benefactor of the embezzled funds, he continues to deny the allegations.