Nexbis shares drop after reports of suspension and ACC investigation

Shares in the mobile security firm Nexbis, which won a contract to install a border security system in the Maldives, dropped 6.3 percent on Friday on the back of rumours that the project had been suspended.

The ‘build, operate and transfer’ concession contract covered the design of an electronic border gate system, as well as entry and exit documents, reported CFOworld.

The project was aimed at tackling the rising numbers of foreign nationals working illegally in the country, almost all of whom arrive via Male’ International Airport.

In a statement, Nexbis said it had not been informed of any suspension of its contract with the Maldives Immigration Department and was currently seeking clarification.

The Immigration Department confirmed to Minivan News today that the project had not been suspended.

A source within the department told Minivan News that while Nexbis had not been informed that the project was suspended, “but it hasn’t started rolling yet either, and now we’re waiting for the Anti-Corruption Commission.”

The Nexbis project ran into difficulties immediately after the signing on October 18, when the Anti-Corruption Commission (ACC) alleged it had received “a serious complaint” regarding “technical details” of the bid. The government initially appeared inclined to continue rolling out the project while it was investigated.

Of the current delay, “to my knowledge the ACC can’t give the go ahead because the committee members are not in the country. We are expecting to begin before the holidays,” he said.

“So far it appears to be an internal issue within the immigration department. There is no doubt that the project would close the doors to illegal workers and the hinder profits of those inside the country processing people.”

“There is no balance between the number of expats we having the country running around looking for jobs, and jobs available. That suggests there are people we don’t need in the country who are coming in too easily,” the source said.

Exploitation of foreign workers is epidemic in the Maldives and is the second highest earner of foreign currency after the tourism industry, according to numbers provided by the former High Commissioner for Bangladesh, Dr Selina Mohsin.

Many companies in the Maldives were benefiting “and facilitating” the problem, the source told Minivan News, which was impacting those companies “who do operate legally and pay visa fees to the government.”

The Nexbis system will store biometric data and allow the tracking of workers without relying on paper documents.


5 thoughts on “Nexbis shares drop after reports of suspension and ACC investigation”

  1. There are more capable companies who bid.. why select a 'corner shop' in Malaysia who does not have any successful implementations YET... Why????????

  2. Mahir must be the 'friends' of one of the bidders who lost that is complaining and used their inside man in immigration to report to the acc to try to stop the project after they have lost. My cousin told me he knows that the losing bidder has a man in immigration including a very senior political deputy appointee who tried to get the project without bidding. When they bid they lost and now trying to cause trouble. The ACC should investigate these complainants. Check how many times they have been to Colombo. Mahir should read the immigration public announcement. The companies proposed biometric solution has been "installed in over 100 locations including London Heathrow". My cousin also mentioned that the other bidders also not implemented before biometric.

  3. @ Mahir I quite agree with you. Also on top of that Maldivians have to pay almost half BILLION ruffiyya over the next twenty years and the end result is a system that could only scan the finger prints. I guess ILYAS have no competence to manage the operation of immigrations.

  4. ACC should work very efficiently and bring out rulings quickly. Any Tender called in Maldives tend to be referred to the ACC upon award, seems to be the trend. That is not helpful but is unavoidable until we start to trust each other.

  5. Mahir that's right there are more capable companies but there is nothing positive about these companies I heard , the famous informatic only offer 60 licenses nothing else , even they don't have fund to invest like others , only 5 million our loving deputy state minister Adam Naseer is telling compare to 20 years that is nothing since we must pay back same amount as invest 23 or 35 million..
    Since I heard nexbis web site they have L3 security that approve by FBI. N companies in Europe n Australia. That only do security software and invent security items.
    There are reason to complain in ACC by our New IT head Ibrahim waheed because like previous e-passport he join immigration after project Finnish and told MNBC program he is the man.. In ACC complain there is a corruption but later Bid wrong but they them self told everything ok only company is not capable to do like informatics.. ACC must investigate the big fraud case these two guys than in media


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