Police have launched an investigation into a report by the Financial Intelligence Unit (FIU) of Maldives Monetary Authority (MMA), which raises concerns over financial transactions linked to companies owned by Baarah MP Ibrahim Shujau.
While MMA has yet to confirm the authenticity of the report, a police spokesperson said the matter is under investigation but no further details have been provided.
According to the FIU report, Shujau’s company, Official Events, conducted transactions with four other firms including Swan Family, Store Pros Trading, Quick Sure, and DQ Holdings. The report also names Mohamed Nafiz and Ahmed Adham, both of whom have family ties to Shujau.
Nafiz is currently serving as a deputy minister at the Ministry of Fisheries, while Adham is a shareholder in Official Events and a board member at Public Service Media (PSM).
Between 1 November 2023 and January 2024, the report states that a total of MVR 42.5 million was transferred to companies owned by Shujau and his relatives, in relation to various events.
Shujau has denied any wrongdoing, saying his company operates strictly in line with Maldivian laws and regulations.
According to the report, on 13 November 2023, Ministry of Finance paid MVR 23 million to Sifainge Welfare Company Pvt Ltd (SIWEC), a subsidiary of the Maldives National Defence Force (MNDF). Of that, MVR 13 million was disbursed to Official Events for organizing the swearing-in ceremony of President Dr Mohamed Muizzu.
The FIU report claims part of that MVR 13 million was channeled to two companies with MVR 4.2 million to DQ Holdings and MVR 2.3 million to Quick Sure.
The report also alleges that MVR 8 million of the funds paid to Official Events was used as a commitment fee towards the purchase of two apartments for the company’s shareholders, each reportedly valued at MVR 20 million.
In response, Shujau stated that while he is a sitting MP, he also has the right as guaranteed to all Maldivian citizens to freely engage in business and hopes to expand his ventures in the future.
Meanwhile, MMA has removed Abdulla Ashraf as head of the FIU. He has been replaced by Ismail Sajidh. The central bank said the reshuffle is part of broader structural reforms aimed at strengthening internal management.
