Audit reveals FAM lost MVR 29.5 million in potential revenue from land slot leases
A special audit has revealed that 29.6 million MVR is missing from funds generated by leasing slots on land allocated to FAM for a football facility in Hulhumale'. The report details how senior officials misappropriated funds through direct cash collections, as well as by transferring bank deposits to private accounts or withdrawing them as cash. According to the audit, none of these funds were utilized for any official FAM activities.
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An audit report has revealed that 29.6 million MVR is missing from the revenue generated by leasing land slots allocated to the Football Association of Maldives (FAM) in Hulhumale'.
A special audit into the leasing of land allocated to the Football Association of Maldives (FAM) for a training facility revealed that 12 blocks of the land, provided by the government through HDC in Hulhumale', were authorized for commercial subleasing. Between 2021 and 2024, FAM entered into 13 sub-lease agreements with various parties to rent out slots within these blocks. Additionally, two sub-lease agreements were established to rent out three floors of an accommodation block constructed on the premises.
Under these agreements, parties leasing land slots and building floors are required to pay the Football Association of Maldives (FAM) a total of MVR 56,150,354 in rent by the end of 2025. FAM records indicate that MVR 52,210,000 of this amount has already been received and acknowledged by the association. However, the audit highlighted that MVR 29,598,200 of these funds has gone missing without being utilized for any FAM-related activities.
Regarding the details of the missing funds, the missing amount includes MVR 14,100,000 paid in cash and checks by five parties who leased land slots and building floors. These transactions are documented through receipts and payment vouchers bearing the Football Association of Maldives (FAM) official stamp and the signatures of senior officials, confirming that the funds were received by certain top executives of the association.
Furthermore, it has been revealed that MVR 14,074,060 from the funds deposited into FAM’s bank accounts as rent was transferred to the accounts of private companies and individuals. Records also indicate that a total of MVR 1,424,140 was withdrawn in cash from the association's bank accounts on various occasions.
