Island Aviation, which operates the national airline Maldivian, has bought a land plot in Hulhumale' for MVR 49 million.
The company purchased Lot 11725, located near Central Park. The total value of the land is MVR 49,428,482. It covers an area of 12,481 square feet. This is believed to be the first land the company has bought in Hulhumale'.
The Civil Court settled the land purchase transaction on October 29.
Island Aviation operates at a loss. According to an audit report released this year, the company posted a loss of MVR 2.8 million last year, while its liabilities stood at MVR 1.6 billion.
The audit report raised questions about whether the company could continue to operate because of its huge liabilities.
Meanwhile, it was recently revealed that Island Aviation sold an aircraft without a public announcement. The DHC-8 MSN 591 aircraft was sold for USD 3.7 million.
The case was investigated by the central bank's Financial Investigation Unit (FIU). The Anti-Corruption Commission is also investigating the case.
