Sun Investment denies money laundering charge

Sun Investment Private Limited has denied any involvement in the money laundering and bribery charges raised against former President Abdulla Yameen.

Fresh charges were raised against Yameen in relation to the Maldives Marketing and Public Relations Corporation (MMPRC) corruption scandal, earlier this year, in relation to the leasing of Fuggiri island in Raa atoll for resort development.

While money laundering and bribery charges were raised against Yameen, Sun Investment Private Limited was charged with money laundering.

According to the charges, Yameen is accused of laundering USD 1,117,000 taken as a bribe, allegedly from a man named Ahmed Krik Riza, through Sun Construction and Engineering Private Limited and Sun Investment Private Limited.

After the charges in relation to the Fuggiri case were read out at Sunday’s hearing, attorney for Sun Investment, Ali Shah said that his client denies the charges “raised against baseless accusations”.

The lawyer said that a state institution is yet to declare that the said money was obtained through bribery. Further noting that transactions were carried out in the name of currency exchange, Shah stressed that this can only be determined by a financial institution or the central bank.

Noting that there are others charged over the Fuggiri case including former president Yameen, prosecutors said that the state is not required to prove that money was obtained through corrupt practices.

Further, the state’s attorney highlighted that documents provided by the Maldives Monetary Authority (MMA) show that Sun Investment did not have a currency exchange license.

Following the company’s rejection of charge, presiding Judge Ahmed Shakeel gave both the prosecution and defence 15 days to prepare for trial.