Financial statement audits published by the Auditor General’s Office have revealed that Maldives Airports Company Limited (MACL) assumed approximately USD 114 million in stalled reclamation commitments through newly created subsidiaries.
The audits detail an MVR 1.76 billion settlement agreement with contractor Capital Marine and Civil Construction (CMC) for dredging and reclamation works at Hulhumalé Phase 3, Giraavaru Falhu, and Thilafushi. The transactions involved the government, Housing Development Corporation, and Maldives Fund Management Corporation under confidentiality arrangements.
MACL incorporated Marine and Integrated Infrastructure Development Private Limited (MIID) in September 2025 and executed a Deed of Novation in October, transferring CMC’s accrued liabilities and rights to the subsidiary. Compensation was structured partly through land allocations, though exact details of acreage and timelines were not publicly detailed before the audits.
A second subsidiary, Peninsula Infrastructure Private Limited, also recorded more than MVR 1 billion in expenditures later shifted to MACL’s balance sheet following a Ministry of Finance directive. Auditors noted the subsidiaries’ reliance on continued support from the parent company.
The disclosures highlight how major infrastructure debts linked to capital-region reclamation were consolidated under the airport operator.
