PG Office yet to raise charges against STELCO's former MD

While it has been over three months since the Anti-Corruption Commission (ACC) decided to pursue criminal charges against the former managing director of the State Electric Company (STELCO) Abdul Shakoor, the Prosecutor General's Office is yet to raise any charges against him.

The ACC concluded its investigation into the company spending over MVR 3 million to buy USD 200,000 from a private company that was not an authorized money changer, forwarding the case to the PG Office. The ACC sought to raise charges against former MD Shakoor and former head of finance department.

An official from the PG Office said that that case is being reviewed, and that they have yet to make a decision on whether to press charges.

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.