BML granted permission to commence operation of two subsidiaries

The Anti-Corruption Commission (ACC) has granted permission to Bank of Maldives (BML) to commence operation of its two subsidiary companies.

The ACC earlier notified BML to halt the work of BML Properties Limited and BML Investment Limited, which were created to settle the issue related to a MVR 117 million loan obtained by mortgaging two resorts of which shares were previously held by DRP Leader Ahmed Thasmeen Ali, while it investigated some issues related to the two companies.

President of ACC Hassan Luthfy told Sun Online tonight that the issue of the two companies registered under BML had been investigated, and that any involvement of corruption in the matter could not be proved. He said that the value of the mortgaged assets would be much greater than the value of the loan, and that this would be the most beneficial course of action for the bank.

Luthfy said that ACC’s concern is that the bank deals differently with different customers, and said that it hoped that the bank would not discriminate between customers in similar matters in the future.

The Civil Court had granted permission to BML to sell the mortgaged assets subsequent to failure to repay the loan in accordance with a previous Civil Court ruling. Medhu-henveiru MP Ali Azim, Alifushi MP Mohamed Nashiz, Ahmed Rasheed of M. Rafeeguge and Reethi Beach Resort had been put down as guarantors for this loan.

The loan taken by Funaddoo Tuna Products is worth MVR 117 million, and with interest the amount has gone up to MVR 206 million.