The Edition


Maldives nullifies project deal with Indian company

Mariyam Malsa
21 February 2020, MVT 10:37
A photograph taken during the contract signing with LE Triveni in 2017. PHOTO: MIHAARU
Mariyam Malsa
21 February 2020, MVT 10:37

The government on Thursday nullified an agreement signed with India's Lucky Exports and Triveni (LE Triveni) in June 2017.

An official from the planning ministry confirmed the nullification and attributed the decision to LE Triveni's failure to complete the project within the stipulated time frame of 18 months.

The MVR 149 million agreement contracted the Indian joint venture company with developing a water and sewerage system in Naifaru, Lhaviyani Atoll as well as a sewerage system and treatment plant in Veymandoo, Thaa Atoll.

It is rumoured that LE Triveni intends to submit a case against the Maldivian government to arbitration. However, no official sources have confirmed or denied the claims.

Both projects were to be funded by loan assistance from the OPEC Fund for International Development (OFID) and the Islamic Development Bank (IDB).