Yameen's USD 1 million not released due to ACC's objection: BML

The USD one million deposited by former president Abdulla Yameen Abdul Qayoom in to an escrow account at Bank of Maldives (BML) under an agreement made between him and the Anti Corruption Commission (ACC), was not released to Yameen due to ACC's objection, the bank told High Court today.

The USD 1 million in question was deposited to the escrow account by Yameen in 2018 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 of USD one million deposited into Yameen's account was 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 High Court hearing today, BML said that it sought the approval of ACC to release the funds when Yameen requested for it, but that ACC rejected the request. Without the Commission's express permission, they would not be able to release the funds, BML said.

"We said this has happened, and asked whether or not they would give permission to release the funds. They refused to [approve]," BML's lawyer Mazlaan Rasheed said, adding that releasing the funds without ACC's permission could end up being a criminal offence, given that ACC claims the funds in the account are connected to a crime.

However, ACC's lawyers said in court that the escrow account agreements was made with BML's participation, which is why BML also plays a role in it.

Following this statement, BML's lawyers requested to reveal ACC's views on releasing the funds.

On the other hand, Yameen's lawyers said that since it was Yameen who deposited the funds to his account in BML, Yameen has a right to sue the bank to reclaim the money, which is why there is no need to change the lower court's ruling.

Today's hearing ended with the announcement that ACC would be given the opportunity to respond to the questions.

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