MIFCO's acquisition of Ensis Cannery under scrutiny amid corruption claims

MP for South Hulhumalé constituency Dr. Ahmed Shamheed has asserted that there are suspicions of corruption-enabling practices in Maldives Industrial Fisheries Company (MIFCO)'s acquisition of the cannery established by Ensis Fisheries in Hulhumalé.

Speaking on RaajjeTV's "TV Talk" programme, the lawmaker highlighted several aspects that raise suspicions of corruption in connection with the matter.

Dr. Shamheed said that the government should share its policies on such matters transparently with the public. However, he noted that it is concerning that even up to now, the government has not shared any information about MIFCO's acquisition of the Ensis Cannery with the Public Finance Committee of the People’s Majlis.

Highlighting that it would be rare for MIFCO to arrange the funds needed for this transaction on its own, Dr. Shamheed said that therefore, the required funds would likely be provided as a capital injection from the Ministry of Finance and Planning. This is because MIFCO's financial situation makes it unlikely for the company to obtain a loan.

He also stated that when some lawmakers discussed the matter in parliament, they highlighted that previously, a company belonging to the current Finance Minister was bought by Ensis when it was in a very poor financial state. Therefore, Dr. Shamheed said that many people are saying this presents a significant conflict of interest, making it highly susceptible to corruption.

Further, Dr. Shamheed stated that the decision to purchase a specific factory when there are many canning factories in the Maldives is another reason that raises questions and suspicions of corruption in this matter.