News Desk
The leaked Financial Intelligence Unit report alleges that 42 million Maldivian rufiyaa, equivalent to approximately $2.73 million, flowed through companies linked to ruling party MP Ibrahim Shujau from November 1, 2022, to January 10, 2024—a period of just over one year and two months. In the context of the Maldives’ small, tourism-driven economy, this sum is significant, representing 0.042 percent of the nation’s estimated $6.5 billion GDP and 0.11 percent of the government’s annual budget. Equivalent to the yearly income of more than 200 average Maldivians, the scale of these transactions underscores their weight in a country where public spending and transparency remain under intense scrutiny.
MALE’, Maldives — Ibrahim Shujau, a senior deputy leader of the People’s National Congress (PNC) Parliamentary Group, is under scrutiny following a leaked Financial Intelligence Unit (FIU) report that alleges questionable financial transactions involving companies linked to him. The report, circulated on social media, has prompted investigations by the Anti-Corruption Commission (ACC) and Maldives police service, which have been ongoing since late last year.
MP Shujau, in a statement posted on X, denied any wrongdoing, asserting that his company operates within legal boundaries. “I don’t know whether the spread is genuine or fake because I have not received any information from any official agency,” he wrote, adding that if the document is authentic, it represents a “serious misrepresentation of the success of the work” and an attempt to damage his business.
The leaked FIU report, prepared by the Maldives Monetary Authority on March 28, 2024, details transactions totalling 42 million Maldivian rufiyaa (approximately $2.7 million) deposited through the Army Welfare Cooperative (CIVEC) into companies connected to MP Shujau between November 1, 2022, and January 10, 2024.
Notably, the report highlights 22.9 million rufiyaa awarded by Parliament to CIVEC for President Dr. Mohammed Muizzu’s swearing-in ceremony on November 17, 2023. Of that amount, 19.7 million rufiyaa was distributed to three companies: 13 million to Official Events, in which MP Shujau holds a stake; 4 million to DG Holdings; and 2.3 million to Quick Sure, owned by MP Shujau’s nephew, Mohammed Nafiz.
The report further alleges that Official Events used 8 million rufiyaa to purchase two luxury apartments valued at 20 million rufiyaa for MP Shujau and Ahmed Adham, a state media board member.
Additionally, between November 2, 2022, and November 7, 2023, the Malé City Council, where Shujau served as a councillor, paid 10.5 million rufiyaa to Quick Sure for various projects. This period coincided with President Muizzu’s tenure as mayor of Malé, before his election as president.
The FIU report lists 12 transactions between Quick Sure and the Malé City Council, ranging from 265,000 to 2.3 million rufiyaa, raising concerns about potential influence peddling, unjust enrichment, or money laundering.
The report recommends further investigation. MP Shujau has dismissed the allegations, attributing his company’s success to its “experience and quality.”
He was removed today from the Parliament’s Finance Committee and reassigned to the National Development and Heritage Committee, with Hanan Mohammed Rasheed, a PNC member from Guraidhoo, taking his place. The PNC has not provided a reason for the change.
The leak of the FIU report has also led to personnel changes at the agency. Abdullah Ashraf, the former FIU head, was transferred to the Maldives Monetary Authority’s risk and compliance department, replaced by Ismail Sajid, previously with the Tax Appeal Tribunal. Mr. Ashraf had earlier accused former Central Bank Governor Ahmed Naseer of obstructing FIU operations.
In a separate transaction, MP Shujau purchased a 2,196-square-foot plot in Hulhumalé for 9.4 million rufiyaa from the Housing Development Corporation in September 2023. Other PNC members, including Anara Naeem and Dr. Abdullah Khaleel, the current foreign minister, also acquired land in Hulhumalé during Mr. Muizzu’s Presidential term. The allegations and the leaked report have intensified scrutiny of MP Shujau and raised questions about transparency in Maldivian politics, as authorities continue their investigations.
