MMPRC sues 3 companies for USD 14.67 million

Maldives Marketing and Public Relations Corporation (MMRC) has filed lawsuits against three private companies for USD 14.67 million owed to the corporation.

The decision was announced by MMPRC’s Managing Director Mohamed Thoyyib, at the meeting between the Parliament’s Public Accounts Committee and senior MMPRC officials this Tuesday.

Thoyyib said the corporation was working on recovering loaned by the corporation to private parties for 'US dollar transactions'.

“The company has filed lawsuits with the court to recover money from three parties. I note that trial proceedings are in progress in these cases,” said Thoyyib.

THE COMPANIES SUED BY MMPRC:

• SOF Private Limited: USD 10.7 million
• Millennium Private Limited: USD 2.5 million
• Montalion International Private Limited: USD 1.47 million

Thoyyib said that work on recovering the money was being carried out at the instructions of the Attorney General’s Office because it was funds which needed enter directly into the corporation.

He said that work on recovering the funds owed to the corporation, except for the funds embezzled from the corporation, is being carried out by the Tourism Ministry.

The MMPRC embezzlement case resulted in loss of MVR 1.4 million in State funds. Only USD 12.5 million out of USD 77.55 million as acquisition cost for lease of islands and lagoons for tourism development went into MMPRC, while the rest was embezzled. USD 5.3 million of the missing funds were laundered through SOF Private Limited’s bank account.