MTCC asked to recover $500k paid to foreign company
It is due to the state government to recover the money from the state company.
By
Mariyam Umna Ismail
Anti-Corruption Commission (ACC) on Tuesday directed MTCC to recover $500,000 paid by a MTCC subsidiary to a foreign company in 2007 in connection with the construction of 690 housing units in Hulhumale.
ACC issued the directive after Maldives Real Estate Investment Corporation Private Limited (MREIC), which has a 99.99% shareholding by MTCC, entered into an agreement with an Australian company called International Finance Corporation (IFCA). An investigation was launched into allegations that the company was paid $550,000 to be paid back to raise enough money to build homes and develop real estate as part of the deal.
After investigating the case, the ACC informed MTCC and MREIC:
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The $550,000 given to IFCA was to be returned to MREIC after the company recovered capital funds for the work
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While it is known that the money was given to MREIC by MTCC in connection with the project, IFCA has not returned the amount till date; it is due to the state government to recover the money from the state company
