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Maldives firm sues Mauritius bank over dollar scandal

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People pictured at the counters at the Civil Court. AVAS FILE PHOTO
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A local speedboat firm has filed a lawsuit against Mauritius Commercial Bank (MCB) over the sale of US dollars to two major state owned companies.

Sharu Launch Services had agreed a contract to acquire US dollars for state owned utility company Fenaka corporation and State Electric Company Limited (STELCO).

Feneka had paid MVR17 million to acquire USD1 million while STELCO had paid MVR3.1 million for USD200,000. However the checks both stamped by MCB had bounced, prompting both companies to sue Sharu Launch Services over its failure to hold up its end of the contract.

However, Sharu Launch Services has accused MCB of failing to provide the US dollars as agreed between the two parties.

Company owner Mohamed Musthag told Avas on Wednesday that MCB had agreed to provide the US dollars due to STELCO and Fenaka.

However, MCB had failed to do so causing irrecoverable losses to Sharu Launch Services, Musthag said.

Sharu Launch Services is seeking MVR150 million in damages from MCB, he added.

Questions meanwhile have been raised over the contract between the state owned companies and Sharu Launch Services, when the speedboat firm is not licensed by the country's central bank to deal with foreign currency exchanges.

5 comment
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Shareef

How come big state owned companies buy USD from individuals who are not allowed to sell USD? I wonder how they assess the credibility of such people as this guy seems weird.

Naw

Crazy how he even dares to sue a bank when he is doing an illegal transaction!!! Really shows how immature and shameless some people are. Is the FIU and MMA investigating these transactions?

Tawfiq

Perhaps he could explain why the bank would sell dollars to him to sell with others!!! Simply ridiculous.

Asif

This guy might be dreaming of becoming a rich guy by drinking coffee and making up nice stories!!! What he does not realise is that investors all over the world read the local press and will hesitate to come here because of crooks like him!!! Shameful

Sudeep

I have been working with MCB for the past 8 years as accountant of a leading company in Maldives and MCB has been helping us a lot overs the years by providing us a small amount of USD to do our genuine business. I am sure these fortune seekers are liars as MCB would never promise such amounts of USD to any customer selling USD on the black market.

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