Economic Ministry advised against granting permit to Artur brothers to invest in Maldives

The police have advised the Ministry of Economic Development that the Armenia’s Artur brothers, suspected of being involved in drug trafficking and other criminal activities by linking up with politicians around the world, should not be given the permit to invest in the Maldives.

Commissioner of Police Abdullah Riyaz told Sun Online that the Economic Ministry was advised against granting the permit to the Artur brothers to invest in the Maldives because the brothers are suspected of serious criminal activities, and allowing them to invest in the Maldives would not be wise considering the country’s economic and national security.

Riyaz said that the police are currently investigating the brothers to determine their purpose of visiting the Maldives. He said that investigations will also be conducted into who the brothers are cooperating with in the Maldives, and whether they have, or plan to, invest illegally in the Maldives.

Meanwhile, the Artur brothers have registered a company called Artur Brothers World Connection Private Limited in the Maldives. An official of the Economic Ministry said shares in the company are held by Artur Sargsyan and Artak Sargsyan.

Artur Brothers World Connection was registered in the Maldives Economic Ministry on 14 August 2012. Initially, the Maldivian shareholder of the company was Ismail Waseem of H. Ever Chance.

The company’s shares were held by the Artur brothers, Waseem and two Frenchmen. One Artur brother held 61 percent, the other held 19 percent, one Frenchman held 10 percent, the other held 7 percent, and the Maldivian held 3 percent.

The Economic Ministry official said that Waseem’s shares were transferred to Abdullah Shaffath of H. Ever Peace on 25 November 2012.