News Desk
In a move that could stir tensions in the Maldives’ financial dealings with India, colorful businessman Ahmed Arif, widely known as “Arttey,” has called for a forensic audit of the alleged $4.5 billion debt the country supposedly owes its neighbor. Arif, a prominent figure in wholesale and trading of fast-moving consumer goods (FMCGs) through his well-known Lotus shops in Malé, took to Twitter to demand that President Dr. Mohamed Muizzu’s government commission an international financial firm to audit the debt, specifically mentioning Hindenburg Research.
Arttey’s claims come just days after India extended a $50 million lifeline to the Maldives amid ongoing financial strain.
Arif’s claim of the $4.5 billion figure has raised questions, as the origin of this number remains unclear. We were unable to independently verify the amount he mentioned, and the legitimacy of the figure remains uncertain. Nonetheless, Arif insists that India should only be paid after a thorough audit, calling into question the transparency of the debt.
In his tweet, which tagged Hindenburg Research, Arif appeared to want to stir tension around the issue, sparking a wave of online discussion. However, it’s important to note that Hindenburg, while renowned for its forensic financial investigations, does not conduct audits. The firm specializes in identifying financial irregularities, and its 2023 report accusing India’s Adani Group of fraud and stock manipulation brought it global notoriety.
Whether the Muizzu administration will act on Arif’s suggestion remains to be seen, but his bold demand is already making waves.
