Cabinet decision not a green light for Nexbis project, says Immigration Controller

The Build, Operate and Transfer (BOT) agreement with the Malaysian-based mobile security solutions provider was to upgrade border security in the Maldives and facilitate the identification and tracking of expatriate workers without the use of potentially-forged paper documents.

However the day after the October 2010 signing of the concessionaire contract, the Anti-Corruption Commission (ACC) announced it had received “a serious complaint” regarding “technical details” of the bid, and issued an injunction pending an investigation into the agreement citing “instances and opportunities” where corruption may have occurred.

Nexbis shares immediately plunged 6.3 percent on the back of the ACC’s announcement. The company subsequently issued a statement claiming that speculation over corruption was “politically motivated” and had “wrought irreparable damage to Nexbis’ reputation and brand name.”