Government’s Rf 300million BML loan to be investigated in Majlis
The MDP’s Ahmed Sameer has submitted a proposal to the Majlis to investigate the government’s acquisition of a Rf 300 million loan from the Bank of Maldives.
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State appeals High Court ruling favouring Sultans of the Seas in US$8.5 million fraud case
The state has appealed a High Court judgment overruling a Civil Court verdict ordering luxury yachting company Sultans of the Seas – a company affiliated with the family of Dhivehi Rayithunge Party (DRP) leader Ahmed Thasmeen Ali – to pay Rf110.2 million in fines and unpaid duties.
STO reports annual profit of US$9.5 million
The State Trading Organisation (STO) has announced an annual profit of Rf146.6 million (US$9.5 million) for 2011, a 23 percent increase from the previous year.
Proposed pension amendment could add Rf138 million to budget
A proposed amendment to the Pensions Act which could reduce the age of eligibility from 65 to 60 could potentially add Rf11.5 million to the governments financial commitments. The pensions industry regulator, the CMDA, has criticised the bill.
One million rufiya expected in donations for mosques: Islamic Ministry
Thirty two donation boxes were placed on Friday in mosques around Male’ to collect money for mosque repairment works in preparation for Ramadan.
Police conclude investigation into Rf 18 million Sheesha fraud case
Hussain told the press at the time that SBI transferred the money to an account with the Bank of Maldives, using a forged document faxed to SBI.
STELCO says new generators may be ready in two weeks
The Maldives’ State Electricity Company (STELCO) has announced that work on its two new generators could be completed in two weeks, Sun Online has reported.
Waheed secures release of additional US$25million credit during India trip
Joint press statement summarises the official visit, while an interview with NDTV outlined Waheed’s response to many of the issues discussed with media during the five day trip.
LGA to revise US$64 million-a-term local governance system
Should the proposed amendment pass, full-time salaries must be only paid to the President and Vice President – elected through polls – while other elected members will be paid an allowance based on the number of meeting they attend.