The Commission on Corruption and State Asset Recovery says the state is yet to recuperate half of the MVR 4 billion it lost between 1st of January 2012 to 17th of November 2018.
At a press conference held by the commission, its President Ahmed As’ad said 37 islands and 12 lagoons that were leased via MMPRC were found to be illegal transactions.
He said that even without the leased lagoons, the state should receive funds of MVR 3.4 billion for the islands alone and if the lagoons are included that state is due a payment of MVR 4 billion.
As’ad also said that in the MMPRC scandal the islands were sold or leased at devalued prices and the financial damages sustained by the state through these transactions would be far greater than expected.
The Auditor-General had said before that these transactions had cost the state around USD 77 million.
