Parliament’s Committee Investigates Allocation of Funds to SIFCO and POLCO

The Public Accounts Committee of Parliament has launched an investigation into the allocation of MVR 834 million to the Sifainge Cooperative Society (SIFCO) and significant funds to the Police Cooperative Society (POLCO) for the completion of their housing projects.

During yesterday’s committee session, convened to examine a letter from the Maldives Monetary Authority, Deputy Speaker and MP for Dhiggaru constituency Ahmed Nazim called for detailed information on the recipients of the individual loans and the specifics of the MVR 834 million disbursed to SIFCO.

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Nazim also requested clarity on the funds allocated to POLCO, noting that while loans had been issued on multiple occasions, the total amount remains unclear. He highlighted that earlier documents indicated approximately MVR 700 million had been provided to POLCO for their housing project, but the most recent figures were not included in the current correspondence.

Nazim expressed concern over the prolonged incompletion of the police flats despite the issuance of multiple loans. He noted that the construction was eventually finished at significantly higher costs than typically expected for similar projects. The committee has voted to request additional information, including detailed breakdowns of the funds allocated.

The police and MNDF flats in Hulhumale’ Phase 1 were finally completed last year, 11 years after the projects initially began. The delays were attributed to various issues, including the transfer of the projects to different contractors over the years.