The Anti-Corruption Commission (ACC) has ordered Urbanco not to conduct any Huhumale land sale-related transactions during the government transition period.
The ACC issued the notice after President-Elect Dr. Mohamed Muzzu's office expressed concern over Urbanco's ongoing efforts to finalize land sales in Hulhumale.
In a statement released on Monday, the Office of the President-Elect revealed that it had received information suggesting that the Urbanco Board's next meeting included 40 items related to various transactions.
The statement said the office is concerned that hasty commercial transactions related to the land are being carried out during the transitional phase while the land in Hulhumale is the most valuable asset in the country's capital. It is particularly worrying as these transactions involve land leases to foreign parties, it read.
The statement further said if Urbanco finalizes the land transactions at this stage, it will hamper the implementation of the new government's policies, and the entire Maldivian state will suffer. It called upon all agencies, institutions, and companies to suspend such transactions and align their actions with the principles governing the transitional phase.
"We would like to assure the people of Maldives that we will take necessary steps through the legal system to prevent such actions and protect the high interests of the people of the Maldives," The statement concluded.
Urbanco could not be reached for comment on the allegation from the office of the president-elect.
