Concern raised over Urbanco’s efforts to lease land to foreign parties

President-elect Dr. Mohamed Muizzu speaks at an event. (Photo/PPM)

The Office of the President-Elect, on Sunday night, has raised concerns, alleging Urbanco is in the process of closing transactions of multiple land plots in Hulhumale’ amid the transition phase.

In a statement on Sunday night, the Office of the President-Elect alleged Urbanco of working to close transactions on multiple land plots in Hulhumale’ amid the transition phase and therefore, expressed concern over the matter.

“Have received information that 40 items pertaining to various transactions, as Urbanco seeks to close transactions on multiple land plots from Hulhumale’, have been tabled on the agenda for Urbanco’s next board meeting amid the transition phase of transfer of power,” the statement read.

Land plots in Hulhumale’ were described as the highest-valued ‘assets’ under the government’s ownership.

Therewith, the Office of the President-elect expressed concern over expediting the transaction on these land plots, and especially as some of these transactions involve the lease of land to foreign parties.

“This hinders the incoming administration from enforcing its policies and has the chance of resulting in a loss to the whole government. Hence, we urge to halt such transactions and call upon all institutions, agencies, and companies to act in accordance with the spirit of the transition phase,” the statement read.

Urbanco has yet to comment on the matter.