Bank of Maldives (BML) announced that the bank has engaged international consultancy firm Deloitte Singapore to conduct an independent forensic audit into the bank’s activities.
The bank announced on Monday that as investigations into the case continue, the Board has decided that it would be in the best interest of the stakeholders and the bank itself, to have an independent external body to conduct the investigative audit.
“Therefore, the bank will be working with the external consultancy firm Deloitte Singapore to conduct a forensic audit. Deloitte Singapore has more than 250 years of experience in the field of finance and audit.” BML stated.
BML further revealed that the audit would entail a detailed probe into all bank interactions between MMPRC and SOF Pvt Ltd, in addition to all transactions, including endorsed cheques, as well as the reporting and control procedures in place at the time. Furthermore, the bank’s current policies and procedures will also be reviewed to evaluate BML’s strengths in terms of risk management and compliance with international standards.
The bank stressed that this review reflects the determination of the recently appointed Board and CEO to ensure that BML is seen as a trusted institution with the highest levels of integrity. It was also said that the bank wishes the audits to be complete as soon as possible and to assist and cooperate with the relevant authorities in order to solve the issue at the earliest.
Bank of Maldives came under fire for authorizing transactions of non-negotiable cheques which were signed over to SOF as the acquisition cost of islands leased for the development of resorts by MMPRC, into SOF accounts. This scandal has been the biggest corruption case in the Maldives as of late.