Audit reports have shown that Maldives Airports Company Limited agreed to pay MVR 1.76 billion under a settlement for reclamation work previously carried out by Capital Marine and Civil Construction.
The works covered sites in Hulhumalé Phase 3, Giraavaru Falhu and Thilafushi. According to documents reviewed from the financial statements of MACL and its subsidiary Marine and Integrated Infrastructure Development, the payments are being made through MIID.
Of the total agreed value for work completed by CMC before the project was transferred, MVR 323.8 million had been paid by the end of the previous year. The remaining MVR 1.43 billion is scheduled for payment during the current year.
CMC had earlier halted work citing non-payment and unclear cost-recovery terms. MIID was established in September last year. The audit classifies the arrangement as an acquisition of assets under construction.
The figures appear in audits published by the Auditor General’s Office.
