Yameen alleges Finance Minister complicit in Ensis 'deal'

Former President Abdullah Yameen Abdul Gayoom has accused Finance Minister Moosa Zameer of exploiting the proposed acquisition of Ensis's Hulhumale' cannery by the state-owned Maldives Industrial Fisheries Company (MIFCO), suggesting Zameer intends to resign once profits from the deal are secured.

Ensis's cannery, a USD 25 million facility opened in 2009, ceased production in 2023. It became dormant for eighteen months after MIFCO increased fish purchase prices to MVR 25.

MIFCO announced on Saturday that it has initiated discussions regarding the acquisition of the Ensis cannery.

At a rally held on Sunday evening by his political party, the People’s National Front (PNF), Yameen criticized the move, stating that Ensis was a property the private sector could not afford at USD 10 million. He questioned MIFCO's ability to acquire it, highlighting the company's own financial struggles and significant debt.

Yameen further alleged that the government plans to purchase Ensis for USD 35 million, with the next step being the illicit division of these funds.

He explicitly implicated Minister Zameer in the alleged scheme.

"Moosa Zameer is behind this. He used to be very close to Ensis, and is very close now also. We are now hearing from people very close to Moosa Zameer, including senior officials in finance. After the deal is completed, Moosa Zameer will leave for Dubai. He doesn't want to be here anymore," stated former President Abdullah Yameen Abdul Gayoom.

Yameen claimed that Zameer himself has discussed this matter with foreign ambassadors.

He further alleged that Zameer's intention is to resign once the 'deal' is finalized.

"Once the deal is done Zameer's intention is to resign and walk away. He thinks the law won't reach him after that," said former President Abdullah Yameen Abdul Gayoom.

In a statement addressing the potential takeover, MIFCO said that Ensis's difficulties stemmed primarily from significant delays in the repair and maintenance of its fish procurement vessels and machinery. With government assistance, MIFCO is now making substantial investments to expand its own capacity for fish purchasing and storage.

MIFCO also affirmed that it is in talks to acquire the processing capacity of the Ensis cannery following comprehensive studies.

The Ensis cannery, which had a daily processing capacity of 25 tonnes of fish, was constructed with funds from the German Development Bank. Although fish processing at the cannery is currently suspended, Ensis continues to export fish.