ACC request criminal charges against Stelco ex-MD Shukoor

Anti-Corruption Commission has requested criminal charges against former Managing Director of Stelco, Abdul Shukoor Solih for corruption.

ACC requested Prosecutor General’s Office for criminal charges against both Shukoor and Head of Finance Department of Stelco.

ACC said in a statement issued this Monday that Stelco spent MVR 3,084,000 as advance to buy USD 200,000 from a private company which did not have a license to trade in foreign money.

Monetary regulation prohibits trade of foreign currency by any party which does not have a license for trade in foreign currency issued by Maldives Monetary Authority.

ACC said that Head of Finance Department of Stelco authorized the illegal transaction on August 2, 2016, in violation of his duty to ensure all financial transactions comply with government and company regulations.

ACC said the Head of Financial Department at Stelco said the ability of the private company to trade in foreign currency was not evaluated because the dated cheque by the company had the seal of guarantee by Bank of Mauritius. The Commission said its investigation found Stelco had not done enough evaluation to verify the authenticity of the seal.

It said the investigation also found Shukoor had been aware the cheque was dated before the

exchange of cheques.

ACC said Shukoor had authorized the transaction without any evaluation to verify the authenticity of the bank seal on the cheque.