Unduly obtained funds used to purchase land, flats in Hulhumale’: Nazim

Dhigurah MP and Vice-Speaker of Parliament Ahmed Nazim has alleged that several properties in Hulhumale’ have been purchased using unduly obtained funds.

Speaking at a Parliament’s Public Accounts Committee meeting, Nazim said investigations into the POLCO case have revealed that land and flats in Hulhumale’ were acquired using money earned through misconduct.

He said that one of POLCO’s directors had purchased land in Hulhumale’ for USD 1 million (MVR 15 million), later selling it at a loss for MVR 12 million without paying any taxes.

“There’s a lot of evidence indicating flats and land in Hulhumale’ were bought with money obtained through illicit means,” Nazim said.

MP Nazim said that the urgency of passing the Asset Recovery Bill to address such issues.

According to Nazim, the bill has been requested from the Attorney General’s Office and is expected to be submitted to Parliament by the end of this month.

The goal is to pass it before the parliamentary recess scheduled for May 15.

Nazim further claimed that numerous flats and penthouses built by the construction company Renaatus in Hulhumale’ were also purchased with unlawfully earned funds. He said there is evidence to support these claims.