ACC instructs recovery of over USD 500,000 from Australian corporation

Members of Anti-Corruption Commission (ACC) hold a press conference on April 5, 2022. (Sun Photo/Mohamed Naail Hussain)

The Anti-Corruption Commission (ACC) has instructed Maldives Real Estate Investment Corporation (MREIC) to recover a USD 550,000 payment it made to an Australian corporation in connection to a project to develop 690 housing units in Hulhumale’ 16 years back.

The USD 550,000 payment was made by MREIC – a company which Maldives Transport and Contracting Company (MTCC) has 99.9 percent control of – to the International Finance Corporation Australia (IFCA) in 2007.

The USD 550,000 was given to IFCA as a reimbursable payment to secure capital investment for construction of houses and development of real estate.

ACC said its investigative findings established that IFCA had been required to reimburse MREIC the USD 550,000 after finding the capital for the project.

However, IFCA never returned the money.

The USD 550,000 is owed to the state, said ACC.

ACC has instructed MTCC and MREIC to recover the money.