Business & Tourism

Media regulators, anti-graft watchdog drawn into fuel supply row

Media regulators and the anti-corruption commission have launched investigations in the bitter row between ruling party MP Riyaz Rasheed’s fuel supplier and the state ports company.

Government offers sovereign guarantee for businesses

According to new regulations enacted by the finance ministry last week, sovereign guarantees will only be offered for loans taken with an interest rate below four percent to finance tourism-related projects, social housing projects that meet the government’s criteria, and high-priority development projects.

Government defends plans to sell US$200m worth of sovereign bonds

In the face of criticism from the opposition, the finance ministry said the Maldives’ first ever international sovereign bond issuance would help raise finances for infrastructure projects and develop the country’s financial system and capital market.

Fresh corruption allegations raised in 2014 tourism ministry audit

The audit report of the tourism ministry for 2014 has raised fresh allegations of corruption over the lease of islands and lagoons for resort development during the tenure of former Tourism Minister Ahmed Adeeb.

Maldives’ main airport renamed ‘Velana International Airport’

Velana is a reference to former President Ibrahim Nasir, the president’s office explained, who oversaw the development of the Maldives’ first international airport as prime minister in 1964.

Feydhoo Finolhu leased to Chinese company for US$4m

Feydhoo Finolhu, the nearest uninhabited island to Malé and the international airport, has been leased to a Chinese company for 50 years at an acquisition cost of about US$4 million.

Maldives to pay US$15m for scrapping Nexbis border control deal

Malaysia-based security firm Nexbis Solutions has won an arbitration award of US$15 million as compensation for the Maldivian government’s termination of a US$39 million border control project.

PPM MPs’ fuel supplier wins lawsuit against ports company

The civil court ordered the state-owned Maldives Ports Limited to buy diesel for its vehicles exclusively from Meridiam Services, a company linked to ruling party MP Riyaz Rasheed.

OPEC Fund lends US$50m for new airport terminal

Money laundering checks are a burden on small countries, says Yameen

President Abdulla Yameen has described international money-laundering checks as “red tape” that inflicts disproportionate burdens on small economies.

Concern over investor confidence after appeals court approves seizure of Villa properties

The high court has ruled the government’s seizure of two lagoons leased to Gasim Ibrahim’s Villa Group lawful in a verdict that critics claim was politically motivated and would affect investor confidence in the Maldives.

Central bank defends bailing out government with GMR payout

The MMA confirmed to the Maldives Independent that it invested in a US$140 million government-guaranteed bond issued by the Maldives Airports Company Ltd on November 15, two days before the attorney general announced the payment of US$271 million in damages to the Indian infrastructure firm.

Parliament approves MVR26.7bn budget for 2017

The parliament passed with a 60-vote majority on Thursday the MVR26.7 billion (US$1.7 billion) budget proposed for 2017, approving the government’s spending plans and revenue raising measures without any revisions.

Central bank takes over dollar sales amid shortage

The move comes after hundreds of Maldivians planning to travel during the school holiday season queued for hours outside the only Bank of Maldives branch in Malé that sold dollars. Eyewitnesses told the Maldives Independent that queue token numbers were sold for up to MVR500 last week.

Maldives pays US$271m in damages to India’s GMR

The government of the Maldives has paid US$271million in damages to Indian infrastructure firm, GMR, for the abrupt termination of a lucrative contract to develop and manage the country’s main airport.

Contract signed to convert Addu convention centre to hospital

The government awarded today a project worth MVR161.8 million (US$10.4 million) to Alia Construction to convert the Equatorial Convention Centre in Addu City to a 100-bed hospital.

PPM MPs want to exempt Maldivians from paying new airport fee

A minister told the parliament’s budget review committee Thursday that the government did not plan to exempt Maldivians from paying the proposed US$25 Airport Development Charge.

Under pressure: Yameen accused of targeting business owned by MPs loyal to Gayoom

Yameen is being accused of cracking down on businesses owned by lawmakers loyal to his half-brother, following a renewed bid by the government to seize properties from Gasim’s Villa Group and Saleem’s Red Wave company, and the cancellation of a lucrative contract awarded to a third lawmaker.

New airport fees and ‘congestion tax’ among revenue-raising measures for 2017

A US$25 airport development charge, a “congestion tax” and increased import duties for tobacco and fizzy drinks are among a raft of revenue-raising measures proposed in the 2017 state budget

Finance minister presents MVR26.7bn budget for 2017

Along with an ambitious infrastructure scale-up, the finance minister said the budget is geared towards bringing the Maldives’ growing debt on a sustainable footing