Page last modified on Aug 2, 2009
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MTDC SHARES INVESTIGATION
The Auditor General’s Report – AR_2_2008 (dated 21 September 2008) on “MTDC shares” identified certain persons who had engaged in purchasing of shares in MTDC in violation of its rules. CMDA in its investigation looked into determine whether the mentioned individuals or entities in the AG report had violated the Maldives Securities Act or rules made there under.
Conclusion from the investigation
A breach of the law which has been identified in the independent investigation conducted by CMDA is the breach of section 53 of the Maldives Securities Act. The penalties for breach of the rules is set out in section 59 (a) of Maldives Securities Act which provide for a penalty upon conviction of not less than Mrf 25,000 and not exceeding Mrf 100,000.
CMDA Board has resolved to get the opinion of the Attorney General. The case was sent to the Attorney General's Office for legal guidance on 3rd March 2009. In the meanwhile, CMDA has discussed the case with the Prosecutor General upon the request of the Prosecutor General.
