Court invalidates share transfer to Moho in exchange for payment owed to MMPRC

Civil Court has invalidated the transaction through which Mohamed Allaam Latheef (Moho) was given 35 percent shares of Business Maldives Private Limited in exchange for USD 3 million the company owes to Maldives Marketing and Public Relations Corporation (MMPRC).

The transaction was invalidated by Civil Court in verdict issued after Mohamed Riyaz – who had owned 95 percent of Business Maldives – sued for the 35 percent shares changed from his name to Moho’s.

The verdict, issued on Tuesday in absence of Moho, read that Moho had failed to prove whether the shares were transferred to him in exchange for the USD 3 million owing to MMPRC or whether the 35 percent shares were transferred to him without anything to do with the money owing to MMPRC.

Court therefore invalidated the transfer transaction and ruled that the shares needed to be transferred back to Riyaz’s name within 17 days – starting from last Tuesday.

Moho is currently on the run and is wanted for questioning regarding weapons found in Hibalhidhoo and MMPRC corruption and embezzlement scandal.

Interpol has issued red notice for his arrest.