ACC probes Maldive Gas $240K advance loss

The Anti-Corruption Commission (ACC) is investigating a case involving the loss of money related to a gas transaction. Maldive Gas, the national gas supplier, paid an advance to a foreign company for the import of gas but has not received the shipment, nor has the money been recovered.

The issue was raised during a discussion by the Finance Committee of the Parliament on Wednesday, where concerns over the loss of funds were expressed.

An official from the ACC confirmed that an investigation is underway. However, the details of the investigation have not been disclosed.

The case dates back to October of last year, when Maldive Gas made an advance payment to the foreign company for the purchase of gas. According to a statement from deputy speaker Ahmed Nazim, a committee member, Maldive Gas has yet to recover the advance payment.

Although the exact amount of the missing funds has not been officially revealed, reliable sources have confirmed that Maldive Gas paid $240,000 (approximately MVR 3.7 million) to the foreign company. However, despite the payment, no gas shipment was received, and the funds remain unaccounted for.

"We have received information that the money paid by Maldive Gas as an advance payment for a gas shipment has been lost. Since then, we have not had any success in recovering the money," Nazim said during the committee discussion.

The issue has raised serious concerns about the procurement practices followed by Maldive Gas. Nazim criticised the decision to pay an advance without any guarantee or proper safeguards, noting that such actions are in violation of procurement rules.

According to Nazim, the act of making an advance payment without a clear guarantee or contract is a breach of established procurement procedures, which are meant to protect public funds. He emphasised that those responsible for such negligence should be held accountable, and that a thorough investigation into the procurement practices of Maldive Gas is necessary to prevent similar incidents in the future.

"We have to look at whether the procurement of the companies is in accordance with the rules set by the PCB. We have to look at special things like this," he added.