In an interview given to
@sunbrk yesterday, resort tycoon
@Sun_Siyam claims that he had to "beg" banks for loans in the past.
As per the leaked Grant Thornton draft report (2010), recently surfaced by
@AimonLatheef, the Sun Group was one of the Bank of Maldives' single largest borrowers.
- Sun Group's BML loans & overdrafts ≈ US$ 46.9m as at Oct 2008, roughly 40.8% of the bank's ENTIRE capital, in breach of the
@MMA_Maldives exposure limits.
- Siyam's personal overdrafts of US$ 7m and MVR 19.27m, on top of the group total.
- A US$ 1m overdraft that, per the report, "appeared to reach $7m" with no documentation found authorising the increase.
- US$ 5m loan approved at 1% interest, against the bank's own 8.5% minimum.
- Overdraft limits breached every single month from Nov 2007 to Oct 2008 yet extended again and again, with no penalty interest charged.
Does this sound like "begging" to anyone?