Ahmed Shaheer, who was removed from his position as Chairman of the Housing Development Corporation (HDC) last Thursday, has been appointed as the Chairman of the Maldives Tourism Development Corporation (MTDC).
The Privatization and Corporatization Board (PCB) confirmed today that his appointment was finalized yesterday.
Shaheer’s appointment to the MTDC chairmanship comes at a time when the corporation has decided to issue additional shares, a move allegedly intended to facilitate a deal to sell the head lease of Gaaf Dhaal Magudhuvaa—where Ayada Maldives is located—at an undervalued price.
The MTDC board recently decided to proceed with a rights issue, offering shareholders the opportunity to purchase additional shares at a discounted rate.
MTDC currently holds the head lease for Magudhuvaa, which is set to expire in 2031. Reports suggest the corporation intends to sell the head lease to Ahmet Aydeniz, the operator of Ayada, for just $1.5 million.
However, under the current agreement between Ayada and MTDC, the operator is required to pay approximately $4 million in annual rent for the remainder of the term. The proposed sale of the lease would result in an estimated loss of $20 million for the corporation.
MTDC has denied the allegations regarding the sale of the Magudhuvaa head lease to the Turkish company that developed the resort. The corporation issued a statement asserting that it has no intentions of selling any of its assets, including the island in question.
In the wake of the controversy, MTDC board member Asami Rushdee resigned from her post. She refuted management's claims that the board had granted unconditional approval for the rights issue.
In her resignation letter, Asami clarified that the board’s consent for the rights issue was subject to specific conditions. She noted that announcing the share sale as approved without providing updates on these conditions could create a negative public perception of board members among shareholders and the general public.
