ACC Investigates Missing Funds from Maldive Gas Transaction
Maldive Gas’ Managing Director Abdulla Mohamed | Photo: STO
The Anti-Corruption Commission (ACC) has launched an investigation into the loss of funds related to an advance payment made by Maldive Gas, the state-owned gas supplier, for a gas shipment that was never delivered.
The foreign company that received the payment has not fulfilled its contractual obligations, and efforts to recover the money have so far been unsuccessful.
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The matter came to light during a meeting of the Parliament’s Finance Committee on Wednesday, where members raised concerns over the apparent financial loss. An ACC official confirmed that an investigation is currently in progress, although no further details have been made public.
The transaction in question dates back to October of the previous year, when Maldive Gas made an advance payment to a foreign supplier for the import of gas. However, no shipment has been received to date, and the funds remain unaccounted for.
While the exact figure has not been officially disclosed, reliable sources indicate that Maldive Gas paid USD 240,000, equivalent to approximately MVR 3.7 million. The failure to secure a shipment or recover the payment has prompted scrutiny over the company’s procurement procedures.
Deputy Speaker and committee member Ahmed Nazim expressed serious concern over the decision to issue an advance payment without sufficient guarantees or contractual safeguards. He pointed out that such a practice contradicts established procurement regulations and poses a risk to public funds.
Nazim stated that the payment was made in violation of procurement rules set out by the Public Finance Regulations, stressing the need for accountability and a comprehensive review of procurement practices within Maldive Gas. He also called for corrective measures to ensure that similar incidents do not recur in the future.
The ACC’s ongoing investigation is expected to assess potential breaches of procedure and determine whether negligence or misconduct contributed to the financial loss.
