Thilafushi Corporation Limited incurs MVR 650 million loss from reclamation project

Thilafushi Corporation Limited (TCL) has incurred MVR 650 million (US$ 42 million) worth of losses over the Thilafushi reclamation project, local media reports.

Speaking at a Parliament Public Accounts Sub-Committee, attorney representing TCL Mazlan Rasheed was quoted as saying that if the project had been completed, the company would have earned US$400 million.

The loss was incurred due to the Heavy Load company not reclaiming the agreed 152 hectares of land within the granted six month period, Sun Online reported.

According to Rasheed, Heavy Load had only reclaimed 32 hectares and that a further US$1 million needs to spent on levelling the reclaimed ground.

The Thilafushi reclamation project was awarded to Heavy Load for a sum of US$21 million (MVR 323 million).