The Anti-Corruption Commission (ACC) today moved in on Urbanco to investigate allegations that it was trying to violate a directive from the Transitional Office not to engage in business transactions relating to land in Hulhumalé during the transitional phase of government change.
In a statement issued last month, the Transitional Office said the land in Hulhumalé is the most valuable asset in the capital of the Maldivian state Therefore, the rush to conduct business transactions related to the lands at this stage is a matter of concern.
Noting that these transactions also included “leasing” of land to foreign parties, the Transitional Office said Urbanco’s decision would hamper the implementation of the new government’s policies and thereby potentially harm the state. Therefore, with the concerns of the Transitional Office, the ACC has directed Urbanco not to conduct any such transactions during the transition process.
However, an ACC team entered Urbanco's headquarters after receiving information that Urbanco was going to sign agreements to give the land. The ACC has not yet released any further information.
