The financial disclosure of Parliament Majority Leader Ibrahim Falah has revealed that a currency exchange company has been established under his name.
The financial statements of the members of the 20th Parliament for the past year have now been published on the Parliament's official website. According to Falah’s disclosure, he incorporated two new companies during the previous year.
These include a foreign exchange business named "Sun Currency Exchange" and a construction firm titled "Sun Craft Construction." Falah holds a 90 percent stake in both ventures. Additionally, he remains a shareholder in three other companies.
The disclosure shows that while Falah received MVR 990,000 in parliamentary salary, he earned MVR 1.8 million in business profits and MVR 2.8 million in rental income last year. He also secured a loan of MVR 15 million from the Bank of Maldives during the same period.
Falah owns five plots of land, including a property in Hulhumale’ purchased last year for MVR 21 million. His other holdings include Falak, Faiy, and Asuruhiya in Raa Innamadhoo, as well as Asurukuri in Male’. Falah stated that the property in Male’ was acquired for MVR 4 million.
