A press statement issued today by the President’s Office has stated that the priority given by the government to reclaim loan repayment owed the Bank of Maldives was because it is public money.

The press statement also cited the government’s majority shareholding as a reason for the government’s efforts in reclaiming the money.

The press statement further states recovering debts owed to the government was important for international financial institutions’ confidence in the government. It says reclaiming the loans repayments was an important measure towards strengthening the economy.

Following the findings of the Auditor General’s Audit Report of the Bank of Maldives for the year 2008, the President’s Office requested the Maldives Police Service to investigate all cases of violation of laws and regulations alleged in the Report.

However, the Maldives Police Service informed there was insufficient cooperation from the Bank and the courts for their investigation.

The press statement went on to state that President Mohamed Nasheed called on the judiciary to give their full cooperation and assistance to the Police in their investigations. He also urged the parties who had taken the loans to make speedy repayment and to assist the government in protecting the rights of the people.