MP ibrahim questions MTDC MD over allegations of selling GDh. Maguhdhuvaa headlease below market value!
30 ޖުލައި 2026 | ބުރާސްފަތި 10:25Member of Parliament Mohamed Ibrahim has formally requested Maldives Tourism Development Corporation (MTDC) to clarify reports alleging the company is attempting to sell the head lease of GDh. Maguhdhuvaa at an undervalued price. In his letter, the MP demanded full disclosure regarding any transactions that could potentially diminish the island's revenue-generating capacity and urged the corporation to address the growing concerns of its shareholders.
Mohamed Ibrahim (Kudoo), Member of Parliament for the North Galolhu constituency. | RaajjeMV
Member of Parliament for North Galolhu, Mohamed Ibrahim (Kudoo), has sent a formal inquiry to the newly appointed Managing Director of the Maldives Tourism Development Corporation (MTDC), Haris Mohamed, regarding reports that the head lease of GDh. Maguhdhuvaa is being sold below market value.
In the letter, Member Ibrahim requested clarification on whether any transactions were being initiated to sell the head lease of Maguhdhuvaa.
The letter noted that GDh. Maguhdhuvaa, which was leased by the government to MTDC in 2006 for development as a tourist resort, continues to provide a steady stream of sublease rent to the corporation. The island is currently operated as Ayada Maldives under a sublease agreement with Ahmet Aydeniz Maldives Private Limited, a subsidiary of a Turkish company.
However, the member noted that reports have recently circulated regarding a transaction to sell the island's head lease to the company at an undervalued price. The letter stated that it is vital to disclose accurate information on the matter, as both the corporation's shareholders and the general public have been expressing concern over the reports.
Consequently, MP Ibrahim has requested the disclosure of all information regarding any such transactions. Specifically, he has sought clarification on whether any discussions are underway to sell the head lease of Maguhdhuvaa. Furthermore, he requested that if such a transaction has taken place, the details of the decision-making process, the identity of the deciding authority, and a copy of the formal decision be provided.
MP Ibrahim also requested the disclosure of all relevant information and documentation regarding the cost-benefit analysis conducted to justify selling the head lease. He specifically sought clarification on whether the potential long-term benefits of the sale were weighed against the existing sub-lease income, which currently generates USD 1.2 million per quarter.
Furthermore, the MP has requested additional detailed information regarding the Maguhdhuvaa transaction. He emphasized the importance of clarifying these details, noting that the matter remains a significant concern for both MTDC shareholders and the general public.
