Parliament's Public Accounts Committee has decided to look into the issue of the State having allocated MVR 834 million to Sifainge Cooperative Society (SIFCO) and millions to Police Cooperative Society (POLCO) to complete their flats at extensive costs.
Parliament's Public Accounts Committee has decided to look into the issue of the State having allocated MVR 834 million to Sifainge Cooperative Society (SIFCO) and millions to Police Cooperative Society (POLCO) to complete their flats at extensive costs.
In today's Public Accounts Committee, which was held to research into a letter submitted by the Maldives Monetary Authority, Deputy Speaker and MP for Dhiggaru constituency Ahmed Nazim requested to seek details of who the individual loans had been issued to, as well as details of the MVR 834 million issued to SIFCO.
Nazim requested for details of the amounts issued to POLCO, stating that although loans had been issued on multiple occasions, the total amount is not clear.
He said that documents which were earlier submitted indicate that approximately MVR 700 million was issued to POLCO for the completion of their flats. However, the latest information regarding the loans that were issued have not been included in the current letter.
Nazim highlighted that despite loans having been issued on multiple instances, the police flats remained incomplete for many years. He said that ultimately, the construction of the flats had been completed at much higher prices than generally applied to such work.
"These loans are given to complete the police flats. But regardless of how many loans were issued, the place just remained incomplete. And then last year, the government opened it up for bidding and finally completed and handed over those flats. So, as far as I know, much higher amounts have been spent on these flats than for usual housing projects. I mean, even if we consider prices per squarefoot," Nazim said.
The committee voted to request for further information, including details of these amounts.
Police and MNDF flats in Hulhumale' Phase 1 were finally completed last year, 11 years after the projects initially commenced. The projects had been interrupted due to various reasons, with the projects having been handed over to different contractors within this period.
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