Comment: ‘Mega-loot’ – the murky and frightening sale of MACL

18 Oct 2013, 9:03 AM

Afran Areef

In my previous article in this column, I raised eight pertinent questions about the Waheed Government’s plan to sell 40 percent shares in MACL to Maldivian companies and individuals.

Does the proposed sale maintain economic sovereignty or undermines it?

Is the sale of MACL shares really an economic necessity in the current context?

What is the reason why the sale has to be conducted within a span of 7 days?

Why is there an absolute silence on the valuation of MACL shares?

Does Waheed have any moral or constitutional authority to make this decision?

Why is there absolute secrecy on issues such as the process to be followed for the sale?

Is the timing of this transaction appropriate or is it designed to suit vested interests?

Are we seeing a repeat of a series of shady transactions in the aviation space like Mamigili Airport lease extension and sale of Gan Airport to the Champa Group?

My conclusion based on a detailed review of each of these questions was that this proposed sale of MACL shares has all the elements of a big scam and that the Waheed government is going ahead with it brazenly.

Since then, the Privatisation Board has come out with a strongly-worded statement that the only prerogative to manage the privatisation process for government owned companies lies with itself.

Become a member

Get full access to our archive and personalise your experience.

Already a member?

Discussion

No comments yet. Be the first to share your thoughts!

No comments yet. Be the first to join the conversation!

Join the Conversation

Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.

Comment: ‘Mega-loot’ – the murky and frightening sale of MACL

Become a member

Discussion

Join the Conversation

Support independent journalism

Explore more

Related Stories