Feydhoo Finolhu sold to Chinese company for USD 4 million

The uninhabited island in K. Atoll, Feydhoo Finolhu has been sold to a Chinese company for USD 4 million to be developed as a tourist resort.

During a press conference after a function at Hotel Jen this Tuesday, Minister of Tourism, Moosa Zameer announced the Maldivian government had already signed an agreement with a Chinese company for the sale of Feydhoo Finolhu.

He did not disclose the name of the company.

“As per regulation, the contract will be signed after the payment is settled with MIRA [Maldives Inland Revenue Authority]. Regulation dictates ACC [Anti-Corruption Commission] and Auditor General’s Office be informed after the contract is signed. I think the price of the island is USD 4 million,” said Moosa Zameer.

Minister Zameer said proceeds from the sale of Feydhoo Finolhu will go to Police Welfare Fund, as the island had been in use for police welfare over the number of years.

“The agreement states the government will receive lease payment, and profits will be spent on police welfare,” said Minister.

The acquisition cost of the 4.10-hector island was listed as USD 3.6 million.