Housing Development Corporation (HDC) has stated it is negotiating the payment to be provided to Malaysian company WZR Property for the project to construct the new building for the Ministry of Finance.
HDC stated the Government of the Maldives is involved in the negotiations to provide the payment to WZR Property for the work done as part of the agreement.
The previous administration of President Abdulla Yameen made an agreement with WZR Property in 2016 to construct a 25-storey office complex in Male' City. The project to construct a 25-storey building for the ministry was initiated to resolve the issues relating to the lack of space. The project was contracted to WZR Property for a cost of 122.7 million US dollars. However, the current administration of President Ibrahim Mohamed Solih made the decision to relocate the project to Hulhumale' Phase II after WZR Property completed some of the work as part of the project.
In September 2019, WZR Property requested the Asian International Arbitration Centre (AIAC) to appoint an adjudicator to settle the payment dispute, after the HDC was not able to pay the contractor for the work which had already been conducted. The adjudicator ordered the HDC to pay USD 22.8 million to WZR Property.