MACL Mortgages Velana Airport Runway for $56M Loan from BML, Audit Reveals

Maldives Airports Company Limited (MACL) has disclosed in its audit report that it took a loan of 56 million dollars from Bank of Maldives by mortgaging the runway and land at Velana International Airport. In addition to these loans taken as working capital, MACL has also agreed to pay 1.76 billion rufiyaa under a settlement agreement to CMC, a company that reclaimed land in various areas. Along with the 56 million dollars borrowed by mortgaging the runway and land at VMAC to BML, the debt payable by MACL to BML has risen to 112 million dollars. A large portion of this is money borrowed during this government's term. While MACL's total debt has now reached 1.08 billion dollars, the company's financial condition is very poor. Audit reports have revealed that MACL has agreed to pay 1.76 billion rufiyaa to CMC as compensation for land reclamation work in Hulhumalé, Giravaru, and Thilafushi. Under this transaction conducted secretly, 1.4 billion rufiyaa must be paid this year.