Comment: Eight reasons why MACL’s share sale either doesn’t make sense, or is a giant scam
08 Oct 2013, 12:02 PM
Afran Areef
Mohamed Waheed’s government has been eyeing Ibrahim Nasir International Airport (INIA) just like a hawk circles around its prey before going for the kill.
Ever since MACL took over the airport from GMR, Waheed has been coming up with one scheme after the other to somehow move assets and ownership of INIA. Whenever such changes in ownership of valuable assets occur, a number of people invariably end up making a lot of money during the process.
First, he changed the MACL board and filled it with his political cronies in order to gain total control over the goings-on at INIA. Then, he tried to move all the assets of MACL into another company created through a secret Presidential decree so that it became a shell company, with all the value pulled into the new company.
This failed due to a number of legal issues. But now Waheed has now decided to sell shares in MACL to ‘Maldivian individuals and companies’ directly.
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