President Ibrahim Mohamed Solih has announced plans to terminate lease agreements for some of the islands leased in connection to the Marketing and Public Relations Corporation (MMPRC) embezzlement case.
During a news conference, the President revealed that 60% of the islands were leased at a reduced rate under the MMPRC scandal. According to the findings of the Asset Recovery Commission a total of USD 220 million is expected to have been received by the government, while it was stated that only USD 91 million was expected.
The President stated that the final report of the Asset Recovery Commission was being concluded and that actions would be taken in regards to the report in a manner that would not see the Maldives lose investor confidence.
He also noted that two days ago an agreement for an island had been terminated but had not specified which island.
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