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GMIZ Pvt Ltd transfers part of shares to Housing Development Corporation

Ahmed Aiham
10 August 2020, MVT 22:26
Greater Male Industrial Zone Pvt Ltd's Managing Director Ibrahim Rasheed. PHOTO: HUSSAIN WAHEED / MIHAARU
Ahmed Aiham
10 August 2020, MVT 22:26

Greater Male' Industrial Zone Pvt Ltd (GMIZ), on Monday, revealed that an undisclosed amount of its shares were transferred to the Housing Development Corporation (HDC).

At this time it remains unknown whether GMIZ Pvt Ltd will become a subsidiary company of HDC at the time, as the Ministry of Finance, nor other relevant institutions have divulged any information on the matter.

Adding to the ambiguity, GMIZ Pvt Ltd's Managing Director Ibrahim Rasheed, said that it was "rather unclear. The letter we received said to bring changes to the shares and the number of people on the company's board of directors".

According to the letter sent by the Privatization and Corporatization Board (PCB), GMIZ Pvt Ltd was ordered to reduce its seven-member board to a five-member board,

The decision to reduce the members on the board comes at a time when the company's Managing Director is accused of corruption, through which he awarded a foreign company with a scrapped vessel held at the Thilafushi Port.

The claims were further corroborated by a parliamentary report in 2019, Ibrahim Rasheed has denied all claims were raised against him.