Maldives Airports Company Limited has agreed to pay approximately MVR 1.76 billion to China Machinery Corporation for land reclamation projects in Hulhumalé, Giraavaru Falhu and Thilafushi, according to disclosures from audit reports.
The arrangement, executed through a subsidiary, shifted compensation from land rights to cash payments. More than MVR 1.4 billion of the total is scheduled for payment this year.
The findings were highlighted in coverage on 7 November and form part of wider scrutiny of financing and contractual arrangements surrounding major reclamation efforts.
MACL has been a central actor in several large-scale land-creation projects tied to housing and infrastructure goals.
