Hotels On Every Island
Hotels On Every Island
By Phillip Wellman
©2006 MinivanNews
October 14, 2006
The Maldives Tourism Development Corporation (MTDC) has announced plans to build hotels on most of the country’s inhabited islands.
In a statement made on Saturday the company’s managing director, Mohmed Solih, said that building hotels and guesthouses throughout the Maldives would improve the economies of the atolls.
Although current government regulations prohibit publicly owned companies from establishing tourist resorts on populated islands, there is no similar stipulation for the construction of hotels.
“There are many who visit the atolls for many different reasons,” said Solih,” and there are no means for these visitors to stay.”
This latest announcement follows a recent decision by the MTDC to sell 800,000 of its shares as part of a joint venture following Ramazan.
In July, shares in the company went up for sale for the first time and already a million have been sold, which has earned MTDC Rf 100m.
But the MTDC’s legality has been under constant question, which has resulted in a shareholder suing the company earlier this week.
Nazeeha Ahmed filed the action under article 73 of the Companies Act, which states that: “a member of a company may apply for a court order… if there is a prejudice to the harmony of the members or if the affairs of the company are managed in a manner detrimental to the rights of a member.”
According to Nazeeha, potential buyers in MTDC stock were assured that the company’s board of directors would consist of four government executives and five from the public.
Currently, all of the board’s seven directors have been government-appointed.
Evidence of the board’s dishonesty was revealed when Crown Group- a company owned by MTDC chairman, Hussein Afif, was given developing contracts without any prior announcement for bids.
“The chairman and the managing director are acting like they own the entire company,” Nazeeha said in her statement to the court.
In addition to receiving disapproval from shareholders, this “temporary board”, which has already been in existence for several months, has also been condemned by the Ministry of Trade.
Its Registrar of Companies Director, Idham Muiz Adnan, said that the development of resorts by the MTDC is being solely handled by a handful of economic advisors, which will almost certainly cause huge implications in the future.
(read entire article)
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About Maldives
By Phillip Wellman
©2006 MinivanNews
October 14, 2006
The Maldives Tourism Development Corporation (MTDC) has announced plans to build hotels on most of the country’s inhabited islands.
In a statement made on Saturday the company’s managing director, Mohmed Solih, said that building hotels and guesthouses throughout the Maldives would improve the economies of the atolls.
Although current government regulations prohibit publicly owned companies from establishing tourist resorts on populated islands, there is no similar stipulation for the construction of hotels.
“There are many who visit the atolls for many different reasons,” said Solih,” and there are no means for these visitors to stay.”
This latest announcement follows a recent decision by the MTDC to sell 800,000 of its shares as part of a joint venture following Ramazan.
In July, shares in the company went up for sale for the first time and already a million have been sold, which has earned MTDC Rf 100m.
But the MTDC’s legality has been under constant question, which has resulted in a shareholder suing the company earlier this week.
Nazeeha Ahmed filed the action under article 73 of the Companies Act, which states that: “a member of a company may apply for a court order… if there is a prejudice to the harmony of the members or if the affairs of the company are managed in a manner detrimental to the rights of a member.”
According to Nazeeha, potential buyers in MTDC stock were assured that the company’s board of directors would consist of four government executives and five from the public.
Currently, all of the board’s seven directors have been government-appointed.
Evidence of the board’s dishonesty was revealed when Crown Group- a company owned by MTDC chairman, Hussein Afif, was given developing contracts without any prior announcement for bids.
“The chairman and the managing director are acting like they own the entire company,” Nazeeha said in her statement to the court.
In addition to receiving disapproval from shareholders, this “temporary board”, which has already been in existence for several months, has also been condemned by the Ministry of Trade.
Its Registrar of Companies Director, Idham Muiz Adnan, said that the development of resorts by the MTDC is being solely handled by a handful of economic advisors, which will almost certainly cause huge implications in the future.
(read entire article)
*************************************
P.S. Download Free Video Documentary
About Maldives
posted by Marek at 6:20 PM
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