Anti-Corruption Commission (ACC) has ordered the Maldives Transport and Contracting Company (MTCC) and the Maldives Real Estate Investment Corporation Private Limited (MREIC) to recover USD550,000.
MREIC, a subsidiary of MTCC, paid USD550,000 to the International Finance Corporation Australia (IFCA) to build 690 housing units in Hulhumale’ in 2007. ACC ordered the company to recover the funds as part of its investigation of the agreement between the two companies, which involved paying the Australia-based contractor a large number of funds to build the housing units.
ACC stated that MTCC provided USD550,000 to MREIC for the project and IFCA is required to repay the amount to MREIC after raising capital. As such, the commission ordered the state-owned company and its subsidiary to recover the funds.