Customs Reveals Largest Unpaid Due, MVR 110M from Sultans of the Seas

Maldives Customs has released a list of 680 individuals and companies that have failed to pay import duties and penalties, with Sultans of the Seas topping the list, owing MVR 110.2 million.

The tourism services company is registered under Ali Ahmed, Mohamed Adil, and Imran Ali, according to the national business registry. The payments were ordered by the court after the company was found to have deliberately misrepresented the value of two speedboats imported twelve years ago.

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In 2020, the Supreme Court overturned a previous High Court ruling and ordered Sultans of the Seas company to pay MVR 110 million to the State. The company was found to have committed fraud in connection with the import of two luxury yachts to the Maldives.

Sultans of the Seas is accused of concealing key information from Customs regarding the brand, model, and price of the yachts, claiming that the vessels were secondhand. The alleged fraud was discovered during a subsequent audit of the company’s import documents.

The second-highest defaulter is Ashraf Rasheed, who faces fines of MVR 72.2 million for importing vape products.

Most of the defaulters were penalised for illegally importing tobacco and vape items, with 72 entities owing MVR 1 million or more.

The publication of the list follows new customs regulations implemented on 16 October, which require Customs to publicly disclose the names and outstanding amounts of those who fail to pay within the due date. These disclosures are set to occur every two months.