Author: Minivan News

STO sells BML shares worth MVR33 million to Champa Brothers

The State Trading Organisation (STO) has sold its Bank of Maldives Plc (BML) shares worth MVR33 million (US$2.1 million) to Champa Brothers Pvt Ltd through the Maldives stock exchange.

STO MD Adam Azim told Sun Online that the shares – reportedly worth 30 percent of BML – were sold in a bid to improve the state-owned company’s finances.

“The shares were sold through the stock exchange on the open market. It was carried out in a way that anybody who wanted to buy the shares had the chance,” he was quoted as saying.

Sun Online reported back in December 2012 that Champa Brothers had purchased treasury bills worth US$11 million. The amount currently owed by the government to the company remains unclear.

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High Court decides to hold closed hearings on appeal case against Family Court ruling

The High Court has today decided to hold closed hearings in the appeal case against the Family Court hearings asking Ahmed Sharuan from Kanmatheege in Seenu Atoll Maradhoo to return his five month baby to the mother.

While the Constitution’s Article 42 (b) states that court hearings must be open to public, courts of law are allowed to hold closed hearings under special circumstances as seen fit by the judges.

Family Court previously ordered Sharuan to return the baby to the mother, and on his failure to comply, ordered police to search for him.

The search has since been called off following the High Court releasing a temporary injunction asking to halt implementation of the Family Court order.

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STO head office robbed

State Trading Organization (STO) head office was broken into and robbed during the early hours of Tuesday (March 18).

STO Managing Director Adam Azim informed local media that a group of people had threatened the office’s security guard with knives and forced their way into the offices.

“They were not able to go up to the main safe. I don’t think they would have been able to steal any money, as we have a practice of depositing our earnings every day,” he is quoted as saying.

However, he stated that there might have been an unidentified amount of money in the office intended for use as petty cash, which might have been stolen.

A police media official confirmed that they are investigating a break in at STO headquarters, while stating that the amount of money stolen is as of yet unknown.

No related arrests have been made at the time of press.

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President Yameen inaugurates land reclamation project in Meedhoo

President Abdulla Yameen Abdul Gayoom inaugurated a land reclamation project on the island of Meedhoo in Dhaalu atoll on Sunday.

Speaking at the launching ceremony, Yameen said he visited the island with a gift for its residents, noting that the people of Meedhoo have been waiting for over 20 years for such development projects.

President Yameen asserted that the Maldives could be developed using available resources, according to the President’s Office.

Yameen urged the people of Meedhoo to utilise the reclaimed land for economic and social purposes.

The current administration would endeavour to ease economic difficulties faced by the public, he added.

The project was awarded to the Nederland’s Boskalis International company to reclaim 17.5 hectares of land and set up 485 metres of revetment in Meedhoo.

Boskalis has also been contracted by the government to reclaim land in Baa Eydhafushi, Dhaalu Kudahuvadhoo, and Kaafu Thulusdhoo.

President Yameen also pledged to make ambulance services available across the country before the end of August. He noted that the project would be funded from savings made from the state budget through cost-cutting and economising.

The Meedhoo constituency is represented in parliament by MP Ahmed ‘Sun’ Siyam Mohamed, leader of the Maldives Development Alliance, a coalition partner of the ruling Progressive party of Maldives.

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Man fined MVR1000 for possession of alcohol

Criminal Court has fined a man who brought in alcohol to the Maldives and kept it in his possession.

The charged Mohamed Vildhaan of Dhemaagasdhoshuge in Henveiru ward of capital city Malé was fined MVR1000.

The Criminal Court verdict reads that Vildhaan had confessed in court to having been in possession of alcohol.

It further states that the sentence against him is a fine because the court was not made aware of the quantity of alcohol that Vildhaan had in his possession.

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Vice president inaugurates harbour reconstruction projects

Vice President Dr Mohamed Jameel Ahmed has yesterday (March 17) inaugurated the harbour reconstruction project on Gulhi island in Malé atoll.

The vice president said that the initiation of the island’s harbor project would in turn lead to a better life for the people.

He went on to say that this government would determine the difficulties being faced by the people in carrying out its developmental projects. He also said that the government would not exclude anyone in delivering its services.

Prior to his visit to Gulhi Island, Jameel inaugurated the Kaafu Guraidhoo harbour construction project.

According to a President’s Office press statement, during his speech the vice president reiterated the government’s commitment to fulfil its pledges to the people. He remarked that the developmental endeavors of the administration ‎would ‎completely transform the country by the end of its five-year term.



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India declines invite to send observers for parliamentary polls

Due to election preparations in India itself, the country has chosen not to send a team of observers to the Maldives for the parliamentary elections scheduled for March 22.

“The Maldives Elections Commission had invited our Election Commission to observe the polls. But the Election Commission is very busy managing the current schedule, so we have declined,” the New India Express reported a senior government official from the country as having stated.

Officials at the Indian High Commission in Malé have confirmed that no observers will be sent, though it was pointed out that High Commission staff would be performing some observer functions.

Previously, India sent a high level delegation led by their former Chief Election Commissioners to the Maldives to observe 2013’s presidential election, with the first round – later annulled – given high praise by the observers.

A delegation of the European Union is currently in the country preparing to monitor the parliamentary elections.

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President replaces two members on MMA board of directors

President Abdulla Yameen has on Monday replaced two members on the board of directors of the Maldives Monetary Authority (MMA).

The representative of the Finance Ministry – the ministry’s permanent secretary – has been replaced with State Minister for Finance and Treasury Ahmed Munavvar.

Additionally, the private sector representative has also been changed. The seat formerly filled by Damas Company owner Mohamed Solih has been replaced with Inner Maldives Deputy Managing Director Abdulla Giyas Riyaz.

The remaining four positions on the board are filled by Deputy Governer Aishath Zahira, Assistant Governer Dr Azeema Adam, Minister of Youth and Sports Mohamed Maleeh Jamaal and former Minister Hussain Hilmy.

While the MMA Governor is also mandated to be part of the board, the position still remains vacant after former Governor Fazeel Najeeb resigned from his position.

Dr Azeema’s name was given to the People’s Majlis last month as President Yameen’s nominee for the governor’s post after Ibthishama Ahmed Saeed – an associate director at the Bank of Maldives – had been forwarded for the role before withdrawing her name amid suggestions she was not qualified for the role.

Today’s reshuffle is the second round of changes that the current administration has brought to the MMA board since it assumed power in November 2013.

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Three companies contracted to supply generators for 77 islands

The state utilities company Fenaka Corporation has on Monday contracted three companies to procure generators for 77 islands under the government initiative to ensure that electricity services are available in islands around the clock.

The bid was won by Chinese company Fujiya Yanan, Sri Lankan company Kelani Cables, and local company Power Engineering.

Minister of Defence Mohamed Nazim – who the government has tasked with oversight of the Fenaka Corporation – told local media that the agreement is to supply the generators by the end of July, and is estimated to be completed within a period of 80 days.

He further stated that installation of generators will proceed as the units are received.

“While this project is going on, we are also conducting other additional work. Under this, we are replacing small generators in islands with bigger ones. Additionally, electrification efforts, or work to strengthen networks, is also being conducted under the oversight of Fenaka,” Nazim is quoted as saying in local media.

While Nazim did not reveal which islands have been selected to receive the generators, he stated that the islands will be chosen after a survey is done to assess needs.

“We are acquiring generators of three different sizes. So we will discuss with suppliers, and announce islands as we receive generators,” he stated.

The generators will include 40 units of 160 to 200 kilowatt power, 24 units of 250 to 200 kilowatt power, and 13 units of 500 to 1000 kilowatt power.

The Chinese company is contracted to procure the generators for Us$5.9 million, while the Sri Lankan company will supply cables at US$2.2 million, and the Maldivian company will supply distribution boxes at US$1.1 million.

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