K. Male' | Rushdha Rasheed | 28-February-2017 | Tuesday 19:04 | rushdhar | Business | 1,932
Tourism Ministry has decided to sell off Baa Atoll Muthaafushi leased to State Trading Organization (STO), which was initially leased to develop as a resort.
An announcement made by the Ministry stated that they had requested for a complete transfer of all rights granted to the lessee, as granted in the lease agreement. It also said if there were any outstanding debts or issues with the island, it must be submitted to the Ministry within a fortnight.
Muthaafushi was assigned to STO in 2010 for a period of 50 years. The agreement was nullified in 2015. In 2013, the company said they were not in a financially stable position to develop the island. In last year’s AGM, Managing Director Ahmed Shaheer said they will release the island as it is too small for development.
In place of Muthaafushi, the Government had leased N. Ekulhivaru.
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