
Police station contractor builds Male building, Ihsan says
In September 2022, the Civil Court authorised the sale of Moonimage after BIG defaulted on a loan of MVR 34.3 million taken from BML.
Home minister Ali Ihsan on Monday accused India’s Indira Projects of misusing funds allocated for building police stations in 60 areas of the Maldives and building a house affiliated with former economic minister Fayyaz Ismail's family business in Male instead of the police stations.
He told parliamentarians that the company, awarded the project during the last government’s term, is now investing in a property in Male after acquiring shares in Fayyaz's family interest.
Ihsan explained that Indira Projects was awarded the contract in July 2021 to construct police stations, with a total project cost of $60 million. The project was to be financed through India’s Exim Bank.
After the agreement, 15% of the total project cost, amounting to $3.6 million (MVR 55 million), was paid to the company.
However, Ihsan noted that despite the payment, no construction work has begun, and the government has received no details on the company's use of the funds.
Ihsan said the initial proposal for the project was submitted to the economic ministry and remained there for two years before the police department under the home ministry took over in 2021. Documents indicate that efforts were made to initiate the project, but no visible progress has been achieved.
Responding to questions raised by Ibrahim Falah, the Parliamentary Group Leader of the ruling People's National Congress (PNC) and representative of Inguraidhoo, Ihsan clarified that the company requested an advance of 15% of the project value, which was approved and paid by the government at that time.
During a meeting with company representatives, Ihsan said the funds were confirmed to be with the company, but no actual work was conducted. He further revealed that the company has since acquired shares in a local entity called Business Image Group (BIG) and is now constructing a property named G. Moonimage.
In September 2022, the Civil Court authorised the sale of Moonimage after BIG defaulted on a loan of MVR 34.3 million taken from the Bank of Maldives.
Among the shareholders of BIG are Fayyaz’s brother, Hassan Ismail, former Communications Director of the President’s Office. While Fayyaz was also a shareholder in BIG, he relinquished his stake after the 2018 presidential election to assume his ministerial position.