Bank of Maldives Plc (BML) has said that the cheques under Maldives Marketing and Public Relations Corporation (MMPRC) from various beneficiaries were deposited into SOF Pvt. Ltd through MMPRC endorsement.

BML has said this in a statement published, amidst allegations on social media that the bank had a hand in facilitating corruption at MMPRC.

BML has said that when an endorsed cheque is brought into the bank, the bank ensures that the cheque issuer fulfils all requirements. Additionally, BML has also said that the bank confirms that the cheque has been signed and filled out fully. As such, the statement further reiterated that  the bank had treated all endorsed cheques under these regulations until 14 February 2016. BML had reported that starting from that date, however BML had ceased accepting endorsed cheques. The company's statement assured that all cheques deposited into SOF Pvt. Ltd’s account had been carried out under these regulations without discrimination.

The board resolutions of MMPRC dictate that signatures of both parties are required on endorsed cheques. However, the cheques that had been deposited into SOF Pvt. Ltd accounts had been only signed by one party. BML had responded by saying that it is compulsory for the senior officials and staff of MMPRC to comply with the board resolutions of the corporation. The statement by BML had said that the bank does not have to comply with or follow this requirement in depositing endorsed cheques.

BML had also said that the board resolutions of MMPRC are not required to be complied with when depositing an endorsed cheque. The statement has also reiterated that a company’s board resolution dictates the regulations for opening an account and how account exchanges are made within the company.

BML has also responded to claims that the bank had not questioned the numerous cheques deposited by SOF Pvt Ltd. The statement reiterated that the bank began questioning cheques deposited only after Anti-Money Laundering laws and regulations began implementation on October 2014. BML has said that the bank had noticed disproportionately large exchanges made concerning SOF Pvt Ltd accounts and added that the bank had been closely monitoring the exchanges. The statement by BML also claimed that the bank had reported activities of SOF Pvt Ltd to all respective authorities from November 2014.

BML has also said that as such, the bank has followed all laws and regulations in these exchanges. The statement said that BML is required to submit all questionable exchanges to the Financial Intelligence Unit of the Maldives Monetary Authority (MMA) as per the Prevention of Money Laundering and Financing of Terrorism Act.

BML has noted that it is the responsibility of the Financial Intelligence Unit of the Maldives Monetary Authority (MMA) to address and investigate cases submitted to the Unit.

The statement revealed that while the Auditor General’s office had asked for a special audit of MMPRC in 2015, BML had provided various information. The bank has said that information regarding SOF Pvt Ltd was also provided for the audit. BML stated that the Auditor General’s Office had then released an audit report on 4 February 2016. The statement noted that corruption at MMPRC had been exposed to the country by Qasim Abdul Kareem after the release of the audit report.

The Anti-Corruption Commission (ACC) had revealed a report last Thursday, on acts of corruption at Maldives Marketing and Public Relations Corporation (MMPRC) during former President Yameen’s administration.

Many had taken to social media to direct attention to BML not questioning the various funds that had been deposited into SOF Pvt Ltd’s accounts. There are claims on the platforms that BML had not questioned stolen funds that had been transferred from the company’s accounts at BML. Many have even alleged that the bank had violated several laws and regulations regarding the matter.