Maldive Gas yet to recover USD 240,000 advance paid to Dubai firm

Maldive Gas has yet to recover USD 240,000 (MVR 3.7 million) paid in advance to a Dubai-based company in October last year.

Despite efforts spanning eight months, the company has been unsuccessful in retrieving the funds from Jaksha Energy, the supplier involved in the deal.

Maldive Gas managing director Abdulla Mohamed was not available for comment.

The issue came to light in April when Deputy Speaker of Parliament and Dhigurah MP Ahmed Nazim raised concerns during a Finance Committee meeting. He said a substantial advance payment appeared to be “lost” and that attempts to recover the funds had failed.

Anti-Corruption Commission (ACC) subsequently launched an investigation, which is currently ongoing.

In April, a senior official at Maldive Gas said the company was preparing to take legal action against Jaksha Energy over the unrecovered payment, which was made as a 30 percent advance for a gas shipment. The amount has not been refunded despite repeated discussions with the supplier.

“The company confirms that there was no fraud in this transaction,” Maldive Gas said in a statement.

In response, the company's board approved a temporary suspension of all procurement activities on 13 April and handed over procurement responsibilities to its parent company, State Trading Organization (STO).

Maldive Gas typically imports 1,000 tonnes of gas per shipment.