Corruption accusations against MD of TCL sent to ACC

Two members of the Board of Directors of Thilafushi Corporation Limited (TCL) have filed a complaint to the Anti-Corruption Commission (ACC) against the Managing Director of TCL Mohamed Latheef, accusing him of Corruption.

President of ACC Hassan Luthfee said today that ACC is investigating the complaint which accuses Latheef of having acted in violation of the decisions of the Board of TCL.

He did not provide any further details.

Sun Online has received a copy of the complaint.

The complaint states that TCL’s policy on issuing cheques, which requires the signature of TCL Board Members for the company to issue cheques worth more than MVR500,000, was changed in September 2012.

The Board passed to reduce this amount to MVR100,000, and any cheque worth more than this amount to require signatures of two Board Members.

The complaint filed by TCL Board Members Abdullah Shinaan and Ahmed Rasheed says that Mohamed Latheef had acted in violation of this decision, in a manner which encouraged corruption.

The complaint notes that TCL continued to follow the old policy in October 2012. Moreover, even after the MD had been reminded to act in line with the amended policy, a cheque was issued for MVR315,000.

MD Latheef denied the accusations, and told Sun Online today that he respects the amendments to the policy on issuing cheques.

He said that the amendment has not been enforced because some Board Members had not signed a document required by the bank.

Latheef said that since the amendment was passed, he had not signed any cheque worth more than MVR100,000. He said that he had only signed a payroll cheque, and that this was done after discussion with the Board of Directors.

However, one of the members who filed the complaint, Ahmed Rasheed, said that they were informed of the bank document only yesterday.

He said that the document, which followed a decision that was passed over two months ago, was dated 24 October; and that he would sign it once the date is changed.