Muizzu urges lawful financial transactions amid transition

President-elect Dr Mohamed Muizzu's office on Monday urged state institutions to conduct business and financial transactions within the legal framework during the transitional period until he is sworn in as president on November 17.

The spirit of the transitional phase should be to facilitate the work of the new government and to protect state assets, so money and financial transactions should be conducted in accordance with the law, the office said in a statement on Monday.

The transitional office said that initiating new business transactions related to state assets and money at this stage and attempting to conclude such transactions and agreements in a hurry could be considered corrupt.

The statement reminded that there will be the possibility of legal action against those who have facilitated corruption.

"Therefore, at this stage, businessmen and all citizens engaged in business transactions with state institutions and government companies are requested to pay special attention to conduct such transactions within the legal framework and encourage them to comply with the laws and regulations," the statement said.

Following the results of the second round of presidential election, the Privatisation and Corporatisation Board (PCB), which oversees the affairs of state-owned companies, issued a circular on November 5 asking state-owned enterprises not to do five things including the leasing of land.

In addition, the office of the president-elect has asked companies not to do 10 things, including new projects, jobs and changes in property.

The Anti-Corruption Commission (ACC) on Monday ordered a halt to Urbanco leasing Farukolhufushi event space, which is now part of Hulhumale second phase, on long-term basis.