Yameen cannot sue bank to claim USD 1 million: BML

Bank of Maldives (BML) cannot be sued for the recovery of USD 1 million deposited in an escrow account by former president Abdulla Yameen Abdul Qayyoom under an agreement he made with Anti Corruption Commission (ACC), the bank told High Court today.

The USD 1 million in question was deposited to the escrow account by Yameen under an agreement he made with ACC during the investigation of the Maldives Marketing and Public Relations Corporation (MMPRC) fraud case, where the funds were required to be kept in the account until the investigation closed.

However, Yameen sued both BML and ACC at Civil Court over the funds still not being released, claiming to recover the funds and seek compensation for damages. BML denies it can be sued, and highlighted a procedural point in the matter.

Despite this, the Civil Court ruled against BML, which prompted the bank to appeal the ruling at High court.

During the hearing at the court today, BML's lawyers said that the agreement was made between Yameen and ACC and that the bank was not party to the transaction. As such, the bank cannot be sued, they claimed.

Pointing out that courts have previously determined that parties not involved in a contract cannot be sued over the same contract, the lawyers also said that although a procedural point was made, a decision in the case should have been made during the preliminary stages.

BML's legal representatives also detailed that the agreement between Yameen and ACC outline the terms of releasing the escrow account funds. As such, Yameen should have sued ACC to begin with, but actually went after BML first and then served a lawsuit to the Commission, the lawyers said.

The bank also stressed that it has no right to release funs in customer's accounts to any other party without the customer's approval, and as such, sought a ruling to dismiss the case.

Despite the plea, a ruling was not issued today, and the judges announced that another hearing would be held at a future date. However, High Court previously issued an interim stay order to hold the case in Civil Court until a decision is made in the matter.

The case was reviewed by Chief Judge Hussain Shaheed, Judge Dheebaanaaz Fahumy and Judge Fathimath Faruheeza. The presiding judge was Chief Judge Hussain Shaheed.