ACC investigating alleged mortgage of public property by MVK

The Anti-Corruption Commission (ACC) is investigating allegations that MVK Maldives Pvt Ltd mortgaged public property for loans from the Bank of Ceylon (B0C) in 2009.

According to local media, the property mortgaged by the company, Maafanuaage, included a 12,000 square foot plot owned by the state.

Following MVK’s default of the loans worth MVR4.5 million and US$195,000, the BoC announced the sale of Maafanuaage last month.