Managing Director of Greater Male' Industrial Zone Limited (GMIZL), Ibrahim (Iboo) Rasheed has revealed MV Sea home Sapphire in Thilafushi harbour was relocated due to a warning from Asian Development Bank (ADB) to retract USD 165 million in aid.

Speaking to RaajjeTV, Iboo stated that the boat sitting idle in the island's port caused many great losses and problems to the company.

These issues include challenges to the company's staff and coastal erosion, said Iboo, adding that some ongoing projects in Thilafushi had to be temporarily halted as well.

Highlighting that the investigation by Anti-Corruption Commission (ACC) into the procurement of the vessel found no corruption was involved, Iboo further stated that the boat was procured according to procedures.

The boat, registered in Vietnam, has been docked at Thilafushi harbour since July 30th, 2012.

Iboo also noted that relocation work was undertaken after the Ministry of Finance approved the relocation of the boat based on the fact that it had no use for the company.

In regard to the aid by ADB given for waste management projects, Iboo disclosed that the Ministry of Environment was warned by ADB to remove the boat from the harbour or that the USD 165 million in aid will be withdrawn. Hence, the boat was removed following instructions by the ministry, said Iboo, adding that if the boat and barge had not been relocated, the state would have sustained irreversible damages.

Additionally, Iboo declared that there is no room for corruption in any of the company's projects, adding that many changes to the island will be seen in 2020, with further benefits for workers and local businessmen.