Business Crime Embezzlement

BML appoints Deloitte Singapore for forensic audit of MMPRC embezzlement

Bank of Maldives (BML) has appointed Deloitte Singapore, an international consultancy firm with more than 150 years of experience in financial services, to conduct a forensic audit on the MMPRC corruption scandal.

According to the Bank, Deloitte will review all Bank interactions with MMPRC and SOF Pvt Ltd and this will include conducting a full examination of all transactions, including endorsed cheques, as well as the reporting and control procedures in place at the time.

As part of its wider series of measures taken, the Bank will also recruit a new Chief Risk Officer to focus on risk and compliance policies.

A press release by the Bank of Maldives states that ‘the Bank has always reiterated that it will never support financial irregularities in any form. The findings of various audits to date have not highlighted any failure as regards to MMPRC on the part of the Bank.”

“However, as investigations into MMPRC continue, the Board feels that it is in the best interests of the Bank and the country to engage an independent external party to conduct a detailed investigative audit into the transactions relating to this matter.”

BML also states that the Bank’s current policies and procedures will also be reviewed to evaluate the strength in terms of risk management and compliance with international standards.

This review reflects the determination of the recently appointed Board and CEO to ensure that the Bank of Maldives is seen as a trusted institution with the highest levels of integrity.

The MMPRC fraud case was the largest corruption scandal that took place in Maldivian history. The authorities estimate that the state lost a total of MVR 3.4 billion due to illegal land leasing while some suspect that the actual loss is even higher.

Full details are available at the link below:

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Source URL: Corporate Maldives

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