A lot of people are talking about the bond MMA purchased from MACL. Few people looked upon the reasons behind this transaction.
MMA should not purchase bonds to pay debts of any company, but if the debit is occurred due to the mismanagement of the company and if mistakes done with a board resolution of a company. But in the case of MACL , it is a whole different story. The loss is occured because the President of the country, the head of all companies in the country forced the company to engage in a very bad deal.
Hulhule International Airport was “gifted” to GMR against the board resolution of MACL. That isn’t something MACL wanted to do.
When MACL refused to do this, the president dissolved the company board and appointed his puppets to MACL and gave away the airport to GMR just within 2 hours. This was done against the constitution of Maldives.
In such a situation if a country is in great debt with a 17 percent interest rate, MMA should act to save the country from this burden. Even the banks and other financial institutions also should act to save the country from such a huge loss.
We should seriously investigate the handing over of Hulhule International Airport to GMR with 600 million dollars’ worth assets for just 79 million dollars. All those who were responsible in this transaction should be prosecuted. As a result Maldives had to pay 271 million dollars to GMR. That is an extra 192 million dollars to GMR, if we subtract the initial 79 million dollars given to the government by GMR. It is not known how this money was used as well. It is suspected that the majority of this money went directly into the bank accounts of MDP leadership members.
Because the state has to take responsibility of what governments do, today’s government has paid off this money. If MMA did not purchase a bond from MACL, the debt of the country will increase day by day. Hence, the money given to purchase the bond by MMA is not just free money. It is money spent to save the country from great damages caused by Muhammad Nasheed of Kenneryge.
With the decision of Singapore arbitration, the government has paid the money and ended the whole fiasco caused by former President Muhammad Nasheed.
The bond purchased by MMA : Something the Former President forced on MACL !
