Maldivian sells aircraft without a tender process

Sep 16, 2025, 9:59 AM
A dash-8 aircraft operated by Island Aviation. -- Photo: Maldivian

A dash-8 aircraft operated by Island Aviation. -- Photo: Maldivian

Island Aviation, which operates the national airline Maldivian, has sold a Dash-8 aircraft to a foreign company without a tender process.

According to the documents obtained by Adhadhu, Island Aviation sold a DHC-8 MSN 591 aircraft for USD 3.7 million.

The company did not make an announcement for its sale. But an announcement was made to sell DHC-8 MSN 546, an aircraft which is in poor condition.

The company sold the DHC-8 MSN 591 for USD 3,730,000. It was purchased by the Australian company, Airflite Unit Trust. Airflite Pty Ltd acted as its trustee and handled the purchase of the aircraft.

Although the aircraft was sold for USD 3.7 million, Island Aviation received USD 3.05 million in October 2024. That is the amount deposited after deducting escrow agent fees and withholding USD 500,000 until the transfer of its ownership.

Documents obtained by Adhadhu do not reveal the exact amount of the fee paid to the agent, but the figure comes to USD 177,585 after deducting the money accrued to Island Aviation and the USD 500,000 withheld until change of ownership.

Under the agreement, the escrow fee is to be paid equally by the buyer and the seller. The amount is estimated to be around USD 355,170.

MMA report.
MMA report.

MMA report.

The central bank's Financial Intelligence Unit (FIU) investigated the transaction as it was done without a tender process. Adhadhu has obtained documents on the investigation as well.

When questioned by the FIU, Island Aviation said it sold the DHC-8 MSN 591 aircraft because the DHC-8 MSN 546 was in bad condition and the company would incur many expenses to repair the aircraft before a transaction.

But Island Aviation made an announcement to sell the worn-out DHC-8 MSN 546 in July 2025 as well. Information from the gazette shows that a total os six announcements were made since January 2025 to sell the aircraft.

Adhadhu does not know the condition of the DHC-8 MSN 591 aircraft, which was sold to the Australian company. It is also unclear whether the aircraft was sold after an assessment and determination of the best possible price.

An additional source confirmed the authenticity of the FIU investigation report and other documents received by Adhadhu.

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