Vakarufalhi: the squandered island

Excerpts from an old article reads:
“The Maldives government has undersold state asset Vakarufalhi Tourist Resort in South Ari Atoll, underlining another example of continued abuse of power and misappropriation of state resources. The sale of the resort leased to the State Trading Organization was announced at a press conference in Male’ on 15 May 2007. STO officials said that the ten year lease of Vakarufalhi Tourist Resort had been sold to Athamaa Travel and Trade Private Limited, a company owned by relatives of President Gayoom, for US$ 3.6 million. This breaks down to US$ 3640 per bed per annum for the 100 bed resort.” Read the rest of the article at www.themdp.wordpress.com

Now the STO which owned the island before wants to buy another resort to generate some foreign currency for their operation. Why they sold the island in the first place is one question. The second question is why does the state has to involve in business at all? Does not the government and state has enough to do on hand already?

Follow the story in Haveeru here..

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