The Edition


Names of four ex-government officials removed from company profile

Shahudha Mohamed
22 July 2019, MVT 11:24
Former VP Abdulla Jihad, former Minister of Fisheries, Marine Resources and Agriculture Mohamed Shainee, former Attorney General Mohamed Anil and former Minister of Finance Ahmed Munawar.
Shahudha Mohamed
22 July 2019, MVT 11:24

Maldives Asset Management Public Limited Company, a company claiming to be the contractor of various million dollar projects in Maldives and other countries, removed the names of four former ministers from the company profile on Sunday.

The documents publicised by the company contained the names of former Vice President Abdulla Jihad, former Attorney General Mohamed Anil, former Minister of Fisheries, Marine Resources and Agriculture Dr Mohamed Shainee and former Minister of Finance Ahmed Munawar.

Munawar's name was listed as the company's Chief Finance Officer (CFO). However, he denied any knowledge of the position on Thursday and assured on Sunday that his name was no longer on the company's profile.

Jihad, Shainee and Anil's names were listed as advisers to the company.

Regarding the incident, Shainee admitted that some of his foreign acquaintances were part of the company.

"I have even given them advise on business related matters", Shainee said.

However, the ex-minister denied his involvement in Maldives Asset Management Public Limited Company.

Due to changes brought to the company's website on Sunday, names of the four former government officials are no longer on display.

The actual face of the company

Maldives Asset Management was registered in Maldives under the name of Jirat Petnunthawong although neither the former not updated management list on the website lists his name.

As per the website, the CEO and founder of the company is Eric Koh. His profile states that Eric is also the CEO of Fulda International, a Malaysian company collaborating with partners over a multitude of sectors to establish an international platform on daily expenditure, entertainment, property, health care, and education.

Dr Philip Wong is listed as the chairman of the company. According to his profile, he was Advisor to the former Prime Minister of Thailand Dr Taksin Shinawatra and former PM Somchai Wongsawat. His profile further states that he had previously filled the position of CEO in various companies.

Asset Management Company's website reveals that the start-up has already earned a revenue of USD 10 million. The company's profile states that a total of 200 employees operate at 10 offices located in different countries.

Moreover, the country is currently conducting 20 investment projects.

Innumerable inconsistencies

Local media reported that the company's website contained inaccurate information about current investments.

As per the company, they were conducting development projects on half of reclaimed suburb Hulhumale'.

However, Housing Development Corporation (HDC)'s Managing Director Suhail Ahmed stated that no land was leased to Maldives Asset Management for project development in Hulhumale'.

"They have used our blueprints and information. We are looking into it", Suhail assured.

"HDC is in no way involved with the company."

Shainee stated that top officials of Maldives Asset Management was in discussion with the incumbent government over investing in the Maldives. No further facts were uncovered in support of Shainee's statement.