Auditor General has stated that the State has to claim back US$ 79.37 million (MVR 1.22 billion) over the misappropriation case of MMPRC.
The report by the Office published today said that these funds were the amounts received as sales of islands, lagoon and land plots and by other means. These funds had been deposited to personal accounts of certain individuals.
Lease acquisition cost accounted for the largest amount. As such, US$ 65.01 million of MMPRC funds had been deposited to private individual accounts.
The Audit report noted that an additional US$ 6.31 million had been listed as foreign exchange sale, US$ 6.15 million released as loans and an additional US $1.90 million leased without any specific purpose.
The report added that US$70.17 million had been deposited to SOF Private Limited’s account. An arrest warrant had been released for the owner of the account, Allaau Latheef.
An additional US 7.5 million had been deposited to the Millennium Capital Management Private Limited. Former Vice President Ahmed Adeeb’s associate, Hamid Ismail has a controlling stake in the company.
The report noted that US$ 1.15 million had been deposited to Montillion International Private Limited and an additional US$ 550,000 had also been deposited to two private accounts.
The misappropriation case of MMPRC is the largest case so far.
MMPRC misappropriated US$79.37 mil: Auditor General
