President Ibrahim Mohamed Solih on Thursday, dissolved the Presidential Commission on Corruption and Asset Recovery.

The Presidential Commission on Corruption and Asset Recovery was formed by Presidential Decree on November 17, 2018.

The purpose of establishing the Presidential Commission on Corruption and State Asset Recovery was to recuperate the lost asset of the State from 1st January 2012 till 17th November 2018 and to ensure that all responsible authorities carryout their legal duties in investigating the corruption and abuse of power within State institutions.

According to the information published by the commission, the government lost a total of USD 220 million due to corruption and abuse of power within State institutions.

However, within the last three years, the commission showed slow advancement in accomplishing the pointed objectives.

Following the dissolution, pending investigations by the commission would be assumed by relevant state institutions. As such, all the information acquired by the Asset Recovery Commission will be forwarded to the Anti-Corruption Commission, to continue the investigation process.