Amendment to bar state from selling shares in JVs

An amendment has been submitted to the tourism laws of the Maldives whereby the state cannot turn over shares held in joint venture companies. 

MDP PG Group leader and MP for Central Henveiru Ali Azim has proposed a number of amendments to the tourism laws. The first reading of these amendments was carried during Monday’s parliamentary sitting.

Under the current laws, the government is permitted to turn over shares in joint venture companies to the existing partners. These joint ventures mostly consist of resort development projects consisting of the development of lagoons and islands. 

MP Azim is proposing to repeal the article permitting this under tourism laws. 

The government has previously created joint ventures with a small state-owned share for resort development projects. The government has also turned over these shares to the other parties. The Asset Recovery Commission has also noted that provisions such as these paved the way for corruption. Most of the islands leased during the MMPRC scandal were leased in this manner.