Case of US$ 800 million oil trade to be submitted to PG

The Presidential Commission has decided to submit a case regarding the illegal trade of oil worth US$ 800 million by Abdulla Yameen, brother of former President Maumoon Abdul Gayoom. The alleged trade was conducted from Singapore by Mocom Trading Private Limited.

Speaking at a conference held at the President’s Office today, Commission President Sarangu Adam Manik said that a case will be filed against Yameen, former Managing Director of STO Mohamed Manik, former Managing Director of STO Singapore Ahmed Muneez, and 25 percent shareholder of STO Malaysia Kamaal Rashid.

“Arguments will be raised against these individuals for swindling government funds. They are suspected of utilizing profits for personal use when the company was allegedly making losses,” Adam Manik said.

Adam Manik said that the decision to submit this case has been made following the attainment of necessary evidence against the suspects. Investigations are still not complete and more evidence will surface during the prosecution process, says Adam Manik.

“Subsequent to domestic and foreign investigations, it is now clear that they were deceitful and that losses were imposed on the state due to their actions,” Adam Manik said.

Adam Manik said that investigations have revealed that while STO was reporting losses, shareholders of Mocom received large sums of money in commission, including one shareholder who received SG$ 51 million in commission.

He also said that the criminal arguments for this case will be made by Maldives Police Services and Prosecutor General and not by the Presidential Commission. The civil arguments will be made through the Attorney General.