MITDC asks court claim to recover Baresdhoo investment funds
The government had last week decided to dissolve MITDC.
Maldives Integrated Tourism Development Corporation (MITDC) has asked investors to file a claim at the court to recover the money paid for the purchase of land from the integrated tourism project in L. Baresdhoo.
An integrated tourism project was launched in Baresdhoo during the administration of former President Abdulla Yameen. The project was initially run by Maldives Marketing and PR Corporation (MMPRC) but was later transferred to MITDC.
The project has been delayed for various reasons and the last MDP government made changes to the design of the project. Some newspapers quoted MITDC officials as saying that the project was not started in the last government due to lack of permission from the finance ministry.
According to an email sent to investors in Baresdhoo, the company said its board has decided to refund the money paid for the land acquisition.
Investors who want to get their money back should follow the following steps, according to the MITC email:
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Filing a case in Civil Court for recovery of money
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The Civil Court will order the money back
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MITDC will share the court judgment with the finance ministry and request payment of the money
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The finance ministry will release the money to MITDC in accordance with the court order
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MITDC will pay the money to the investor
Meanwhile, the government had last week decided to dissolve MITDC, which was established by President Abdulla Yameen's government to develop medium-sized tourism properties, by January and to transfer its works and projects to the Maldives Fund Management Corporation (MFMC).
