Anti-Corruption Commission (ACC) has instructed the Maldives Transport and Contracting Company (MTCC) and its subsidiary, the Maldives Real Estate Investment Corporation Private Limited (MREIC), to retrieve USD550,000.
ACC’s investigation of the agreement between MTCC and MREIC revealed the payment of a substantial amount of funds to the Australia-based contractor, International Finance Corporation Australia (IFCA), to construct 690 housing units in Hulhumale’ in 2007.
ACC ordered MTCC and MREIC to recover the funds, which were provided by MTCC to MREIC for the project and expected to be repaid by IFCA to MREIC after raising capital.
