Court dismisses case over breach of escrow deal at Yameen’s request

PPM’s leader, former president Abdulla Yameen Abdul Gayyoom. (Sun Photo)

The Civil Court has dismissed a case filed by former President Abdulla Yameen Abdul Gayoom accusing the Bank of Maldives (BML) of freezing his bank account in breach of an escrow agreement between him and the Anti-Corruption Commission (ACC).

Yameen asked the court to dismiss the lawsuit on November 15.

Yameen had transferred funds to an escrow account opened at the BML under the agreement between him and ACC – which had been investigating a corruption case against him – on June 10, 2018.

However, the funds were returned to him even after the 12-month period stipulated in the agreement expired.

He filed a case against the BML in 2022, asking the Civil Court to establish that the bank had kept his funds frozen in violation of the escrow agreement, and to establish that he has the right to sue the bank for the profits he could have earned from re-investing the funds, as compensation.

The court has now dismissed the case as requested by the former president.