MP Sinaan’s loan repayment in cash flagged in FIU report
Court documents state that MVR 2.5 million remained unpaid, but the debt was settled on the day the case was filed.
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Hithadhoo North MP Mohamed Sinaan of the ruling PNC repaid MVR 1.7 million in cash to the Maldives Islamic Bank (MIB) in connection with a loan default case now before the Supreme Court.
A case has been filed seeking to declare Sinaan’s parliamentary seat vacant on grounds of defaulting on a MVR 3.8 million loan taken jointly with three others. Court documents state that MVR 2.5 million remained unpaid, but the debt was settled on the day the case was filed. The case is now nearing completion.
A report from the Financial Intelligence Unit (FIU) of the Maldives Monetary Authority (MMA), seen by Atoll Times, states that the cash transaction took place in February last year. The report’s authenticity has been confirmed.
According to the FIU report:
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Former Prosecutor General Muhthaz Muhsin, who was then State Minister for Foreign Affairs and is now Deputy Ambassador to Singapore, delivered MVR 1.7 million in cash to MIB to settle the loan.
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The funds were documented as a loan from a company called Health and Glow.
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Health and Glow, owned by Bank of Maldives (BML) board director Abdulla Naseem and Ali Shinan, had given the loan with a six-month repayment period.
When contacted, Muhthaz declined to comment, saying: “He [Sinaan] was my client at the time. I cannot disclose client information to journalists.”
Sinaan could not be reached for comment.
