Over USD 220 million unacknowledged in acquisition costs

President Ibrahim Mohamed Solih has declared over USD 220 million in acquisition costs have not yet been received by the government.

Speaking at a press briefing at the President's Office, President Solih explained that even though the audit report showed USD 90 million, the probe by the Presidential Commission on Corruption and Asset Recovery found a total of USD 220 million in acquisition costs unacknowledged.

The president highlighted the commission investigating the MMPRC scandal found there was no transparent process in awarding the islands. He assured any agreements that require immediate termination will be done so, highlighting that one such agreement has already been terminated. He further explained that 12 of the islands leased are operational now, while 3 islands have completed 50 percent of resort development. A further 3 islands have reached 21 and 49 percent of their development.

Given such circumstances, the president said the government will take action in a manner that does not lose investor confidence in Maldives. The president reiterated his pledge of zero tolerance policy and said the government would not entertain such illegal affairs. He further said legal action for the accomplices and suspects will be taken.

The government expects to forward the case to Prosecutor General's Office soon. The government lost USD 1.3 billion in MMPRC scandal.

Anti-corruption Commission (ACC) revealed a significant share of the amount was deposited to the bank accounts of SOF Private Limited. Furthermore, Millennium Capital Private Limited and Montalian International Private Limited also received a considerable share.