Bank of Maldives has sacked three employees who were found guilty of embezzling MVR 4.9 million after an internal audit into the matter was carried out.
Two out of the three were suspended in January after the bank confirmed that they had abused their authority to embezzle MVR 4.9 million.
The bank has since revealed that their code of conduct and guidelines have been amended to further acknowledge and recognize if anything out of the ordinary is carried out within its system. Further, they have also established internal controls to upgrade security.
Highlighting that the bank has strong policies, procedures, systems and internal controls in place in order to detect internal wrong doing, BML stated that strict action will ‘always’ be taken if an employee breach of any of them or act out of order.
In January, BML revealed that two employees were suspended over the theft of cash amounting to MVR 10 million, however, BML revealed on Thursday via a media statement that stolen was MVR 4.9 million and that only one employee was implicated in the matter.
The statement reads that the bank’s ‘internal audit found that one employee had abused his authority to access internal account, and had embezzled bank funds amounting to MVR 4.9 million.’ Following the investigation, BML has handed the case over to the Maldives Police Service (MPS) for further investigation.