The High Court has once again concluded hearings in the appeal concerning the USD 1 million held in an escrow account controlled by the Anti-Corruption Commission (ACC), following an agreement signed between former President Abdulla Yameen Abdul Gayoom and the ACC during the investigation into the MMPRC corruption scandal.
The dispute originates from a civil suit filed by Yameen at the Civil Court, seeking the release of the USD 1 million that remains in the ACC-controlled escrow account at the Bank of Maldives (BML) after the escrow agreement expired. Yameen is suing both the ACC and BML, arguing that the funds should be returned to his personal account as per the terms of the agreement.
The escrow agreement, signed in 2018 between Yameen and the ACC (with BML holding the account), was established to hold the funds temporarily while the ACC investigated their origin amid suspicions they were linked to stolen MMPRC funds. The agreement stipulated that the money would be returned to Yameen if no evidence was found linking it to the state within a specified period.
Former Maldivian President Abdulla Yameen Abdul Gayoom attends a PNF rally. (Sun Photo/Moosa Nadheem)
BML challenged the Civil Court's decision to include the bank as a defendant, asserting that it was not a direct party to the escrow agreement between Yameen and the ACC. The bank argued it merely acted as the custodian of the account and could not release funds without the ACC's instructions, as per the agreement's terms. The Civil Court rejected this procedural objection, leading BML to appeal to the High Court.
Hearings first began in February 2025 but were paused due to a change in the bench after Justice Hussain Shaheed was elevated to the Supreme Court. Nearly a year later, proceedings resumed under a new bench led by Justice Abdulla Jameel Moosa, alongside Justices Fathimath Farheeza and Deebanaz Fahumy.
During the resumed hearings, BML's legal team reiterated that the bank has no contractual obligations directly to Yameen and cannot be held liable for the continued hold on the funds, as it operates solely on the ACC's instructions under the escrow agreement.
The High Court had previously issued a stay order halting proceedings in the Civil Court while the appeal is ongoing. With hearings now concluded for the second time in a year, the High Court is expected to issue a ruling on whether BML can remain a party to the case.