Presidential Commission to sue Yamin over Mocom Trading case
Speaking at a press conference held at the President’s Office yesterday president of the Presidential Commission Adam ‘Sarangu’ Manik said that the three men will also simultaneously be sued in Singapore and that lawyers in Singapore were preparing for it, whilst their cases are being filed in Attorney General’s office (AG) and the Maldives Police Service for civil and criminal offences respectively. “The reason these men are being sued is because they were involved in it,” Adam Manik said also alleging corruption. “Accusations against them include shady business dealings involving the Mocom Company, actions which incurred loss to STO and violating laws and regulations of business transactions,” he added. He revealed that the Mocom Company had been operated using the resources and employees of the STO Singapore Company but that Mocom “had no association” with the STO Singapore Company. The Presidential Commission found through its investigations that the directors of Mocom Trading were STO’s board directors Sana Mansoor and Fathimath Ashaanaa and two Malaysian men Kamaal Bin Rashid and Raja Abdu Rasheed. Each held a 25 percent share of the company; however the commission has not decided to sue Sana Mansoor or Fathimath Ashaanaa yet. Adam Manik detailed that it is alleged that Mocom trading was created not for STO’s benefit but for the personal gain of the shareholders which is reflected in the fact that though the company earned little or no profit the share holders earned significant amounts in commissions. In 2004 a share holder of the company earned 51 million Singapore dollars, however it is unknown which shareholder it was. Company records show that the company made no profit. The record from August 2, 2001 to September 30, 2002 show that the company made 51,930 Singapore dollars as net profit and that the company made no profit at all from February 4, 2004 to June 30, 2005. Adam Manik revealed that the company made double invoices due to which “the prices in business agreements were largely altered incurring losses to STO. “It is evident through the commission’s investigation that the extent of the corruption and subsequent loss to the government due to it,” he said. Member of the Presidential Commission Abdulla Haseen said that the company had engaged in deals involving huge sums which would aggregately amount to around $800 million. Adam Manik explained the Yamin was not summoned to the commission regarding the case as it was deemed unnecessary because he had stated that as the chairman of STO he didn’t have to be responsible over the Mocom case during a Parliament’s national security committee meeting. He further added that though three people were being sued over the case as investigation has yet not concluded and that depending outcome of the investigation more people might have to be sued. Yamin has continuously denied the accusations regarding the Mocom Trading company and had said that the accusations cannot be proven.
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