Application open for audit firms to assist settlement committee

The Attorney General’s Office has opened application for independent audit firms to assist in the work of the Settlement Committee.

The Settlement Committee – established within the Attorney General’s Office -  is tasked with providing legal counsel to the President regarding out of court settlements which involve state interests.

Application for independent audit firms to assist the Settlement Committee was opened by the Attorney General’s Office on Monday.

According to the Attorney General’s Office, the main task of the audit firms will be to evaluate financial documents submitted to the committee, assess the value of damages, and counsel the committee regarding compensation payment.

It has announced plans to hold an information session for interested parties at its headquarters at 11 am on November 4.

The bid proposal submission and bid opening will be held at its headquarters at 1 pm on November 10.

The audit firm or firms which win the bid will be awarded a one-year contract.

The terms of reference for interested audit firms have been posted on the Auditor General’s Office website.

At least 32 cases have been submitted to the Settlement Committee so far.

Finance Minister Ibrahim Ameer, during a ministerial questioning session at the Parliament in early October, announced that the Maldivian administration had paid approximately MVR 1 billion in settlements to private parties.

It includes MVR 280 million in accordance with the ruling by Singapore International Arbitration Centre in favor of Nexbis for the 2013 termination of the contract awarded to it to establish a border control system in Maldives in 2010, MVR 130 to WLT, and MVR 848 million to Noomadi Resorts and Residence for termination of the contract with it for housing projects in the atolls.

President Ibrahim Mohamed Solih, in a previous statement, announced that government estimates place the settlements owed by the state for unlawful termination of contracts at MVR 6.8 billion.

According to the Attorney General’s Office, the main purpose of seeking counsel from an independent audit firm in out of court settlements is to ensure the fairness of settlements awarded to different parties, and protect state interests.