Auditor General's Office has claimed the companies which received funds from the Maldives Marketing and Public Relations Corporation (MMPRC) corruption scandal were audited by firms which do not hold valid licenses. The Auditor General's Office made the statement when summoned to the Parliament Committee on Finance.
Sharing information to the finance committee, Director at Auditor General's Office Ibrahim Fazeel revealed SOF Private Limited, Monte Leone International Private Limited and Millennium Capital Management Private Limited, the companies received large sums of money from MMPRC, although no business transactions were carried out by the companies.
Highlighting the Companies Act of Maldives requires all companies to submit an audit report every year, Fazeel claimed the audit reports submitted to Ministry of Economic Development were prepared by auditors without valid licenses. Relevant employees at economic ministry were aware on the issue regarding the audits, he added.
Furthermore, speaking at the committee, Assistant Auditor General Ibrahim Aiman, who lead the team to audit MMPRC, said banks hold major negligences over the scandal. He stated Bank of Maldives (BML) must notify Maldives Monetary Authority (MMA) on all doubtable transactions However, he added BML did not submit any such report to MMA regarding MMPRC.
Moreover, the assistant auditor general noted if funds from MMPRC were deposited to another account, signatures from two individuals are required, adding all the cheques were signed only by Managing Director of MMPRC Abdulla Ziyath.