Contractor for police station acquires Big's shares, develops Moonimaa

Minister of Homeland Security and Technology Ali Ihusan addressed Parliament today, stating that the previous government awarded a contract for the construction of police stations in various islands to India's Indira Company for USD 3.6 million. The company has since acquired shares in Big Company and is currently involved in the development of Galolhu Moonimaa.

The previous administration, led by President Ibrahim Mohamed Solih, had signed an agreement with a joint venture involving Indhira to develop police stations in 61 islands for a total of USD 41 million. The company received an advance payment of USD 3.6 million from the government.

Minister Ihusan previously indicated that there was no accountability for the funds disbursed to the company and that they had not been pursued for further details.

In response to a question from Inguraidhoo MP and People's National Congress (PNC) member, Ihusan noted that the project was initially managed by the Ministry of Economic Development and that relevant documents were submitted to the police in 2021, leading to the signing of the agreement.

“To date, the company has not provided details on what it has accomplished with the funds. In one of our meetings, it was mentioned that the money was still there, but no physical progress has been made,” Minister Ihusan stated.

When asked about the company's current activities, he revealed that Indira Company has acquired shares in Big Company and is reportedly advancing the construction of Moonimaa.

“Our investigation into the company's activities in the Maldives revealed that they purchased shares in a company called Big, and the construction of Moonimaa is now progressing rapidly,” Ihusan added.

Hassan Ismail, former Head of Communications at the President's Office, holds shares in Big Company along with Indira. According to the Economic Ministry's business portal, Indira was appointed as a shareholder in Big Company, which is affiliated with former Economic Minister Fayyaz Ismail, on November 16 of last year.

Big Company had previously taken out a loan of MVR 34 million, secured by a mortgage at Bank of Maldives (BML) for the Moonimaa project.

The loan was granted under the guarantee of Hassan Ismail, Mohamed Munshid, and Ahmed Zareer of Moonimaa. The court also permitted the sale of the property due to Big's failure to meet the loan repayment terms.