The High Court, on Tuesday, denied the appeal to release MVR 900,000 confiscated during investigations related to the explosion aboard the presidential speedboat in 2015.
Although the funds were collected in relation to the explosion, authorities later alleged that the funds were connected to the graft of Maldives Marking and Public Relations Corporation (MMPRC).
The money was discovered during an operation led by Maldives Police Service to search the residence of Ishaq Hussain. However, the state did not charge Ishaq over the two controversies.
Upon Police denying the request for the funds' return, Ishaq filed a case at the Criminal Court. Nevertheless, the court deemed that it could not grant the release.
The High Court's verdict also noted that Ishaq was unable to prove that the funds were acquired through a business venture, adding that Ishaq had submitted documents that were previously undisclosed during the Criminal Court hearing and were thus inadmissible in the appeal process.
Moreover, the court ruled that the funds were believed to be laundered through MMPRC, as opposed to Ishaq's claims.
The hearing was presided by High Court Judges Ali Sameer, Shuaib Hussain Zakariyya and Mohamed Faisal.
Ishaq was also charged along with former Vice President Ahmed Adeeb over a plan to assassinate former President Abdulla Yameen Abdul Gayoom involving a Sri Lankan marksman. However, the charges were later dropped by the Criminal Court.