Legal restrictions a challenge to investment expansion: Pension Office
28 May 2014, 10:21 AM
Ahmed Rilwan
The Maldives Pension Administration Office (MPAO) has said legal restrictions are preventing the expansion of investments into profitable industries such as real estate.
The MPAO cannot invest in real estate as none are currently listed securities at the Maldives Stock Exchange, the only registered stock exchange in the country, said CEO Mohamed Hussain Manik.
The Maldives Pension Act states that pension assets can only be invested in securities listed at a licensed stock exchange in the Maldives.
Manik said the office was currently in the process of identifying reliable and secure investments at technical level. Based on the findings of this work, the MPAO will consider expansion, but it may require amendments to the law, he added.
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