Most graft funds in Hulhumale land, apartments: Nazim
Nazim added that asset recovery measures could be implemented through legislation.
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Deputy Speaker of Parliament Ahmed Nazim has said that funds obtained through corruption have been used to purchase land and apartments in Hulhumalé, and has urged the government to take action through the introduction of an asset recovery law.
The issue was raised during a meeting of the Parliament’s Finance Committee on Monday, where members discussed concerns regarding financial misconduct linked to cooperative societies. Committee members highlighted the importance of reclaiming assets acquired through such activities and holding those responsible to account.
Nazim stated that there is evidence indicating that properties in Hulhumalé have been purchased using funds linked to corruption. He cited two specific cases:
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A company involved in the police flats construction project awarded by the Police Cooperative Society (POLCO) reportedly received funds, and one of its directors used the funds to purchase a plot of land in Hulhumalé for MVR 15 million. That plot was later sold at a MVR 12 million loss, which Nazim claimed was a deliberate attempt to evade taxes.
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Renatus, a company awarded the contract to construct flats in Hulhumalé, is alleged to have provided apartments and penthouses to senior government officials.
“All the illegally earned money is invested in land and apartments in Hulhumalé. The money is being converted into assets. They are being bought and sold and made profits. The state should go after them,” Nazim told the committee.
Nazim added that asset recovery measures could be implemented through legislation. He noted that the Anti-Corruption Commission (ACC) has asked the Attorney General’s Office to forward a relevant bill to Parliament by the end of the month.
“The government should submit the bill as it contains many issues related to finance,” he said.
Nazim also expressed concern over what he described as insufficient cooperation when the committee requested action on cases involving corruption. He cited an ongoing case involving the construction of the Aasandha office building awarded by the previous government.
He said that although the agreement had been requested for termination, the process had stalled.
“There are a lot of institutions that are stalled. These things will go at the most desirable speed with the cooperation of all institutions,” Nazim said.
