Former Minister Faizaa Ismail Responds to Resort Loan Allegations

Former Economic Minister Faizaa Ismail has responded to allegations made by prominent businessman Mohamed Shafeeq regarding a loan taken for building a resort. In an interview with Adhadhu, Faizaa stated that while some of Shafeeq's statements on social media are true, others appear to be based on a different recollection of events. Faizaa clarified that he had no share in the project, but acknowledged having some interest in it in various ways. He explained that a young group proceeded with the project by taking a loan, and the bank requested a financially strong guarantor. Faizaa stated that the guarantee provided by Shafeeq was neither given at his request nor under any compulsion, but rather as assistance to a close relative of Shafeeq who was the main shareholder. According to Faizaa, it was agreed that Shafeeq would receive a share in the project in return for the guarantee. Faizaa noted that the project failed despite being mostly completed, and that all parties suffered losses. He expressed his intention to meet with Shafeeq to discuss the matter further.