MTDC: No island being sold at an undervalued price

The Maldives Tourism Development Corporation (MTDC) has dismissed reports alleging that the head lease of GDh. Maguddhuvaa is being sold at an undervalued price, describing the claims as entirely false.

In a statement issued today, MTDC clarified that HDh. Naagoashi, GDh. Maguddhuvaa, and B. Kihavah-huravalhi are three islands currently leased to the corporation under agreements with the Government of Maldives for the development and operation of tourist resorts. The corporation further stated that it remains the sole legal owner of all rights associated with the head leases of these islands.

MTDC categorically denied making any decision to sell or transfer the head lease, or any portion of the rights associated with the head lease, of any island under its management. The corporation also affirmed that it has neither approved nor entered into any transaction that would directly or indirectly compromise or reduce its ownership rights or interests in these properties.

The Corporation further confirmed that no discussions concerning such a sale are currently underway with any party.

MTDC also rejected media reports claiming that it is seeking to sell its fixed assets below market value, stating that such allegations are entirely unfounded and factually inaccurate.

Reaffirming its commitment to transparency, the Corporation stated that all material transactions requiring disclosure under applicable laws and listing regulations will be announced through its official communication channels. MTDC also urged the public and stakeholders to rely exclusively on information released through its official platforms regarding its projects and business activities.

The allegations recently prompted MDP’s North Galolhu MP Mohamed Ibrahim (Kudoo), to raise the matter in the Parliament and seek clarification on the reports.

The claims have also sparked concern among MTDC shareholders and members of the public in recent days.