With the recent public disclosure of Members of Parliament’s financial statements, widespread questions and concerns have emerged regarding the information revealed. Many are surprised by the large sums of “gifts” and ownership of buildings disclosed by some lawmakers. At a time when the cost of living is soaring and many citizens struggle financially; the wealth displayed in these statements has left many astonished.

Several have expressed disbelief at how some lawmakers have acquired such substantial wealth in a relatively short period. Alongside these concerns, numerous inconsistencies and questionable details have been identified within the disclosed statements.

An expert audit of some wealthier MPs’ financial statements has brought several pressing questions to light. In this context, an experienced auditor in the Maldives reviewed selected MPs’ statements exclusively for this publication, highlighting key findings.

According to his financial statement, in addition to his role as a Member of Parliament, Ibrahim Shujau received a total salary of MVR 1,808,603 over the year from his positions as General Manager of Redwave Private Limited and Managing Director of Official Events Private Limited.

The auditor noted that if this income was accurate, a 12 percent income tax deduction should have been applied as per tax law.

Shujau also reported MVR 210,000 in rental income. The auditor recommended verifying whether this rental income was properly registered with the Maldives Inland Revenue Authority (MIRA).

Between 2022 and 2024, Shujau declared total debts amounting to MVR 9.94 million.

Regarding company shares, he reported holding 50 percent ownership in Official Events Private Limited since 2017 and 40 percent in Swan Family Private Limited since 2022. The latter company, managed by Shujau as Managing Director and comprising four other shareholders, operates a shop and café registered in Baarah island of Haa Alif atoll.

In 2024, Shujau purchased a plot named “Daisy Home” in Hulhumalé for MVR 9.48 million, stating the payment was made using loan funds. Specifically, he indicated loans of MVR 4.5 million from Bank of Ceylon and MVR five million from Official Events Private Limited. The auditor noted attempts to reconcile these figures.

He also acquired the “Rain Pearl” flat in Hulhumalé for MVR 7.28 million in 2023, funded by two loans totaling MVR 440,000 from the Bank of Maldives (BML) between 2022 and 2023, with no additional loans declared.

In 2022, he spent MVR 300,000 to purchase “Seaview” in HA. Baarah, also financed through a loan.

In addition to this, he purchased a “row house” in Hulhumalé in 2015 for MVR 3.53 million, claiming it was funded by a gift from his employer at the time.

While Shujau claims to have spent MVR 21.26 million on these four properties, his total declared loans from 2022 to 2024 amount to only MVR 9.94 million. The auditor highlighted that the source of the remaining MVR 11.32 million remains unclear.

Further, Shujau purchased a fishing vessel for MVR 7.05 million in 2017, stating it was funded partly through personal savings and partly by loans.

Official Events Private Limited, where Shujau serves as Managing Director and claims to have taken loans, received a deposit of MVR 13 million from the Military Welfare Cooperative on 10 December 2023. Records show MVR eight million was spent on purchasing a luxury apartment, and MVR 1.89 million was deposited into Shujau’s personal account.

Another company linked to Shujau, Quick Sure, received deposits totaling MVR 26.5 million between 2022 and January 2024.

The auditor emphasized the significance of the Maldives Inland Revenue Authority (MIRA) investigating whether there was any attempt to evade income tax or disguise received funds as gifts to avoid taxation, based on these transactions.

From the auditor’s perspective, a thorough review of these matters would provide greater clarity, especially in light of the Financial Intelligence Unit’s report on the Maldives Monetary Authority (MMA) currently under police investigation.

In addition to this, the auditor stressed the need for the Auditor General to verify whether transactions dating back to 2017 were accurately recorded in the financial statements submitted during Shujau’s previous tenure in the 18th Parliament.

Notably, Ibrahim Shujau served in the 18th Parliament and is listed among those suspected of receiving funds linked to the Maldives Marketing and Public Relations Corporation (MMPRC) embezzlement case.