The Police Cooperative Society (Polco) has announced sale of shares in the company to police officers at MVR 100 per share ahead of a deadline of June 30, the Maldives Police Service (MPS) said in a statement this week.
Police officers were first invited to purchase shares in Polco on March 29, the anniversary of the MPS. The deadline was then extended by the board of directors of Polco to June 30 after a meeting on June 16.
According to the press release, Polco was set up in accordance with the Police Act to improve the welfare of police officers.
Since the controversial transfer of presidential power on February 7, 2012 in the wake of a violent mutiny instigated by officers of the Special Operations (SO) command, 1000 police officers were promoted, 110 new police officers were hired, a housing scheme was introduced for police officers with 300 flats to be developed in Hulhumale’, arrangements were made for cheap accommodation in Sri Lanka for police officers and their families and a loan scheme was set up for police officers.