Parliamentary Majority Leader and Inguraidhoo MP Ibrahim Falah has said that while he established a currency exchange company due to receiving income in US dollars, the firm has not conducted any foreign exchange transactions to date.
Speaking to Adhadhu today, Falah noted that he has been a businessman with dollar-based earnings since before his election to Parliament. He highlighted that he currently operates four safari vessels, all of which generate revenue in US dollars.
"The company was established because a permit is required to conduct dollar transactions, even at the official bank rate. However, as no such transactions have been conducted or required yet, I have not sought a license from the Maldives Monetary Authority (MMA)," Falah said.
Falah clarified that the company, registered as Sun Currency Exchange, is not operational and exists only on paper without any active business activities.
The matter came to light following the publication of financial statements for members of the 20th Parliament on the People’s Majlis website.
According to the disclosed financial records, Falah established two companies last year in which he holds a 90 percent stake: Sun Currency Exchange and a construction firm named Sun Craft Construction.
The statements reveal that Falah received MVR 990,000 in parliamentary salary last year, while earning MVR 1.8 million in business profits and MVR 2.8 million in rental income.
Falah’s financial disclosure also shows an outstanding loan of MVR 15 million from the Bank of Maldives. Additionally, the records indicate that he owns a total of five properties across Malé and Hulhumalé.
