Court orders freeze on 12 accounts connected to MMPRC scandal

Civil Court has issued a temporary court order to freeze 12 bank accounts connected to the Maldives Marketing and Public Relations Corporation (MMPRC) embezzlement case.

The temporary court order was issued at the State’s request last Wednesday.

The accounts frozen under the court order includes a bank account belonging to Mohamed Allaam Latheef (Moho), his father Abdul Latheef Abubakr’s bank account, and the accounts of 10 companies.

The companies which’s bank accounts have been frozen are:

- SOF Private Limited

- SOF Studio Private Limited

- SOF Service Private Limited

- Wild Almond Private Limited

- Prenzer Printer Private Limited

- Dhivehi Media Group Private Limited

- SOF Development Private Limited

- Gladian Private Limited

- Gladian Management Private Limited

- Business Maldives Private Limited

The court order also calls for suspension of transfer of ownership of any shares owned by Allaam or his father in any of the companies.

The court order was issued in relation to the issue of USD 2.5 million embezzled from MMPRC being deposited into a bank account opened in the name of SOF Private Limited. Allaam is a shareholder of SOF Private Limited.

The court made its decision to order a freeze on the accounts, noting a criminal investigation has been carried out over the case, and that the court felt it important to alleviate the risk the State may not be able to recover the embezzled funds.

The State had also requested to freeze Ahmed Ishfaq Ali’s accounts. But the request was denied by the court, citing the State failed to prove the connection between the embezzled funds and the money in his personal bank accounts.

Former Managing Director of MMPRC, Abdulla Ziyath has been pressed with multiple charges over the MMPRC scandal. The case is in the middle of trial.