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To Invest Or Not: GMR Fiasco At Hands Of Yameen & Friends Leave Indian Investors Nervous, Non-Committal

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At the lavish Ashoka Palace in the Indian capital New Delhi, visuals of clear turquoise water, white beaches, exciting under-water experience and boduberu dance set the mood for the delegates of over 400 companies who were here to attend the third edition of Maldives Investment Forum on Tuesday.

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Government in its keynote address tried to recapture the confidence of Indian investors as apprehension was running high due to the abrupt termination of international contract with GMR Infrastructure Ltd.

Government said they were ready to promote a transparent, hassle-free and liberal trading and investment environment and will welcome investment from India with open arms. ” The government is committed to change its legal framework to allow trade and investment to diversify economy and there has been massive progress on the infrastructure front,” Vice President Abdulla Jihad said.

“I want to assure all potential investors that Maldives is open for business. It is open 24 hours,” he added.

Even though the delegates looked impressed and were confident about the potential of doing business in the Maldives, the GMR fiasco held them back from committing immediately.

“No doubt, the Maldives looks like a dream destination for doing business. But, I would like to know more about the legal and bilateral aspects before we move forward,” said a delegate while looking at his info kit on investing in the Maldives

Another delegate who was here to explore the possibilities of investing in telecom services said, “It is very important to have a set up where we can feel secure about investing money in a certain project. Let’s see how it rolls.”

The concern over providing a conductive environment to do business in the Maldives also appeared in Indian newspapers. A leading Indian business paper Mint wrote, “The memory of the Maldives government abruptly terminating a India-Malaysia joint venture for modernising the Male airport in 2012 saw Indian industry seeking greater predictability and protection for investments in the Maldives… The cancellation of the deal had soured ties between India and the Maldives.”

Last month, GMR won a lawsuit over termination of contract to run Ibrahim Nasir International Airport (INIA).  In a major embarrassment, government was ordered to pay USD 250 million to Indian infrastructural company GMR by a 3-member Singaporean Arbitration Tribunal in its final order.

The third edition of the investment forum was held in partnership with Federation of Indian Chambers of Commerce and Industry (FICCI) to seek investments in infrastructural development, airport expansion and various other sectors to boost job creation in the country.

Jihad also announced that the country will sign its first free trade agreement early next year to boost trade and cooperation with other countries.

“It is investment, both foreign and domestic that has transformed our economy and elevated to current position. On the strength of our past achievements, the government is looking into new investments and is actively seeking foreign direct investment as it is one of the fundamental driving forces of Government policies,” he added.

The annual Maldives Investment Forum was held in Singapore in 2014 and in Beijing last year. The next edition of the forum will be held in Doha, Qatar.

Maldives Investment Forum 2016 Becomes ‘Hail Yameen’ Conference

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The third edition of Maldives Investment Forum was all praise of President Abdulla Yameen by his cabinet ministers – Vice President Abdulla Jihad and Economic Development Minister Mohamed Saeed – as they tried to garner the interest of investors in the Indian capital New Delhi on Tuesday.

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The annual forum to tap the potential of the Maldives’ tourism and infrastructure sector in the international market was started under the presidency of Abdulla Yameen in 2014 in Singapore followed by Beijing in 2015.

Here are top 5 mentions of President Abdulla Yameen at the high-profile investment forum:

  • GDP has grown with double digit under the leadership of President Yameen in last three years
  • We have seen the trust for President Yameen’s economic policies. We are seeing the results of our efforts
  • Far-sighted policies of President Yameen has narrowed down fiscal deficit in the country
  • President Yameen has eased monetary policies leading to increased credit availability for the private sector and have lowered inflation
  • President Yameen’s government promotes a transparent, hassle-free and liberal trading and investment environment and believes in strong, predictable and transparent commercial regime is critical for private sector led growth

My President Is A Respected Economist, Says Maldivian Economic Development Minister In New Delhi!!!!

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“President Yameen is a respected economist…,” this is how Minister of Economic Development Mohamed Saeed introduced his president at Maldives Investment Forum in the Indian capital New Delhi on Tuesday.

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“President Abdulla Yameen is a respected economist under whose governance GDP and per capita income have improved, ” he went on to add while facing uncomfortable questions from reporters on the sidelines of the event.

However, the qualifications of Yameen – infamous as an increasingly autocratic President – are bachelor’s degree in Business Administration and a master’s degree in Public Policy, not exactly good enough to hail him as an economist!

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And off late, Yameen has been accused of large-scale money-laundering and muzzling political voices with his strong arm tactics and misuse of the local courts.

But Saeed insisted that “he (Yameen) is a well-informed leader who is focused on  bringing social harmony through development and job creation” while avoiding pointed questions on eroded international image of his country.

The interaction with the reporters in New Delhi during the Maldives Investment forum came across as another embarrassment as ministers in the Yameen’s cabinet jump from one faux pax to another.

While asked about the corruption charges facing President Yameen, Saeed’s response came from a scripted note, which had no relation to the questions being asked to the minister.

Speaking on similar lines as his boss Yameen, Saeed also expressed the government’s collective desire to make the Maldives the next Singapore (interestingly something that Yameen’s half-brother and mentor Maumoon Gayoom does not approve!)

“We are not comparing the Maldives to Singapore… but it does translate into the desire to look up to Singapore,” Saeed said while he pitched for greater investment in the Maldivian tourism and infrastructure.

Contrary to the reports of World Bank that the Maldivian economy had slowed down in 2015 and  figures on fiscal deficits and public debt were sobering, Saeed claimed that in Yameen’s three-year tenure there was a steady growth in GDP and public debt has been fixed.

What ‘The Dark Lord’ Advised Yameen’s Regime To Keep ‘Sunny Side of Life’ Image Intact

in Investigation/Politics by

Former Vice President Ahmed Adeeb had a contact saved in his now infamous gold iPhone as ‘Lord P’. The same gold iPhone that exposed how Adeeb and his mentor-tuned-boss turned-antagonist President Abdulla Yameen were not only involved in high-level corruption but also in wiping off anyone and everyone who did not fall in line — media, politicians, activists and even its own ministers; now has another story to tell: How the two cracked a deal with ‘Lord P’ to shroud the autocratic nature of the government with a well-crafted image of the Maldives’ economic development.

Adeeb's gold iPhone as shown in Al Jazeera's documentary Stealing Paradise
Adeeb’s gold iPhone as shown in Al Jazeera’s documentary Stealing Paradise

But it was not the first time when Yameen agreed to spend a fortune to negate the banana republic impression. Last summer, Yameen signed a lucrative deal with Cherie Blair- wife of former Prime Minister and Labour Party chief Tony Blair- after she was rejected by the first democratically elected President Mohamed Nasheed who had Amal Clooney by his side.

Cherie who was earlier ready to represent Nasheed calling his trial ‘an extraordinary farce’, then agreed to revive Yameen’s image for £ 210,000 (MVR 4,128,292).

Back In 2012 too, right after the coup that toppled Nasheed’s government, another Labour Party member, former Labour Cabinet Minister and former attorney general Baroness Scotland took £ 75,000 (MVR 1,457,366) to advise the then government on avoiding action by Commonwealth in a two-week work contract.

On August 12, 2015, a few days before Yameen got Cherie on board, Adeeb broke a deal ‘Lord P’, who is a professional lobbyist and political adviser, to revamp the image of Yameen’s regime.

‘Lord P’ is no one else but the man who has not only been a Member of Parliament (MP) for Hartlepool for Labour Party but also held a number of Cabinet positions under Prime Ministers Tony Blair.

The man who rebuilt the Labour Party as New Labour before its subsequent victory in the 1997 election.

‘Lord P’ is Peter Mandelson – The Prince of Darkness.

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A report by Daily Mail says that 62-year-old Mandelson held meetings with Adeeb and Yameen to counsel the government on how to “rebuild its public image”.

The British Daily quoting a four-page memo says that Mandelson’s strategic advisory firm Global Counsel suggested the government to deal with the PR crisis by projecting “your vision for the country’s future”.

The memo was dated August 18, four days after the meeting took place between Adeeb and Mandelson at the resort of Gili Lankanfushi.

Headlined as ‘Next Steps’, the memo asking to set up a strategic communication to fix the international image of the Maldives as quoted by Daily Mail read:

The taskforce will benefit from start-up training and development from an external source. This is something we could guide you on as part of our current work with international investors in the Maldives

It also offered to lobby United Nations General Assembly and Commonwealth by “telling an effective story about the Maldives to international audiences”. The advisory firm also said that it would get confidence of the international investors “everywhere from New York and London to Berlin, Paris and Beijing”.

The Memo By Global Counsel
The discussion in Gili Lankanfushi was very useful in scoping out the next steps. What follows in this note assumes that the situation regarding Nasheed can be resolved amicably from the perspective of all relevant stakeholders. The Maldives is a young democracy and recognises it has further to go in order to create the institutions and space to enable democracy to flourish… Reforms to the penal code and judicial system, as well as strengthening the rule of law, are prerequisites to a healthy democracy, and the government is in the process of designing and implementing reforms in these areas that will deliver immediate benefits as well as building the foundations for a stronger democracy in the longer term.

The firm suggested that government can rebuild its image by giving an ‘accurate account’ of the government’s ‘accomplishments’ in the fields of economic stewardship, social reform and environmental protection.

It is unclear if the two went ahead with the big revival plan as Adeeb – in less than two months – was jailed for plotting to assassinate his boss Yameen.

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On October 13, when Ying Staton, Global Counsel’s ‘Asia Director’ wrote to Adeeb to figure out when Mandelson and Yameen could speak on phone, he was already in middle of speed boat blast allegations and days ahead only led to his impeachment, arrest and sentencing.

Flamboyant Adeeb, one of the richest politicians, also seen as Yameen’s loyal, also got implicated in one of the country’s biggest corruption scandal with Maldives Marketing and Public Relations Corporation (MMPRC).

An audit report of MMPRC revealed that money as huge as USD 80 million received from leasing islands and resorts meant for the state was siphoned off to private accounts which benefited Adeeb, Yameen, his wife and other politicians.

And it also benefitted Cherie Blair. Omnia had billed Abdulla Ziyath, former managing director of the MMPRC for £ 210,000 (MVR 4,081,265) – the half amount of total fee charged by the firm for a six-month contract.

cherie-1


According to Maldives Independent, government also spent USD 19,293 (MVR 297,510) on visits of Omnia’s barrister Toby Cadman, between June and September.

My work is not yet complete. My work will be completed once the airport and the country is the preferred destination. When my work is done, I want to compare the difference between the services given in the Maldives and Singapore, Dubai – Yameen

Omnia, on the allegation of receiving the money from a company implicated in corruption, said that it terminated six-month contract early due to unpredictable domestic events and is no longer instructed by either the government or the MMPRC.

The whistleblower, Bank of Maldives former manager Gasim Abdul Kareem, who leaked the account details of Score of Flairs (S.O.F) Private Limited which facilitated the transaction between MMPRC and Omnia is now in jail on the charges of unauthorised disclosure customer information.

Adeeb was sentenced to eight years in prison for stealing USD 5,000,000 (MVR 76,850,000) from state coffers besides 15 year jail term for plotting to assassinate Yameen.

Government also hired Washington based lobbyist firm, Podesta Group in September for a sum of USD 300,000 (MVR 4,611,000) and London-based PR firm BTP Advisers in November.

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Even after massive PR exercise Yameen is now isolated by his party men. Though, he is often witnessed talking about economic development and policies as ambitious as making the Maldives the next Singapore and Dubai. At an event in May this year, Yameen said:

My work is not yet complete. My work will be completed once the airport and the country is the preferred destination. When my work is done, I want to compare the difference between the services given in the Maldives and Singapore, Dubai

Battered by its international image, Yameen-led government even launched a programme ‘Visit Maldives Year 2016’ to promote tourism and also enhanced their budget but soon abandoned the ambitious 1.5 million tourist target this year alleging opposition of tarnishing the image of the country.

The government functioning on PR machinery of the west in a bid to revive the image of the country often blames opposition and its leader Nasheed for destroying country’s economy, ironically, calling them the agents of the west. Meanwhile, Nasheed continue to enjoy the support of international rights’ group, journalists and rival of the Labour Party, Conservative Party’s former leader and former Prime Minister David Cameron.

Coming Soon! The Oil Leaks : How Politicians & Bureaucrats Masterminded Biggest Scam In Maldives

in Investigation/News/Politics by

In 2011, the biggest ever investigation into the 30-year-long dictatorship of Maumoon Abdul Gayoom blew the lid off an $800 million Oil Scam. And all the pointers led back to Gayoom’s younger half-brother, Abdulla Yameen – the present President of The Maldives.


The investigation, which was done by the Editor-In-Chief of FocusMaldives, Sumon K Chakrabarti and published in The Week magazine, was based on a confidential report that was submitted to the President’s Office by a UK-based finance consultancy called Grant Thornton, in September 2010. The previous March, then President Mohamed Nasheed – the first to be democratically elected in the Maldives had requested Grant Thornton to begin an investigation to trace alleged ‘hidden’ assets of Gayoom, his family members and associates. This followed on public allegations by the auditor-general, in 2008, that Gayoom had used government funds and national institutions for personal benefit during his years in power.

Oil-Scam-New

The Singapore police too began an official criminal investigation into money laundering by Gayoom and his family members; today, the amounts being discussed range from $700 – $800 million. The Grant Thornton investigation was carried out mostly in Singapore, and the report, when it came out in September, was not just a serious indictment of President Yameen – but also a fascinating exploration of how autocracies often fall back on blood brother dictatorships to do business. In this case, that ‘brother’ was Burma.


MODUS OPERANDI


the week maldives article 1
The investigation was based on a confidential report that was submitted to the President’s Office by a UK-based finance consultancy called Grant Thornton

“Ghost ships” regularly left Singapore in the name of delivering oil to the Maldives – but never arrived here.’ He continued: ‘We are a tiny nation, and our oil consumption is very small. But the State Trading Organisation (Singapore) used to buy oil in bulk … and sell it either on the black market or to Myanmar.’

Maldives-Oil-Scam-Investigation-Documents
PeekABoo: From The Leaked Documents. Recently, Yameen has also been accused of involvement in massive corruption and embezzlement of public money from resort sales

The State Trading Organisation (Singapore) was set up in 1997 as a subsidiary of the State Trading Organisation. The latter, run and largely owned by the Maldivian state, was established in 1964 with the sole aim of keeping the prices of essential commodities at a stable rate for citizens of the atolls, mainly by importing and trading food staples, fuel, lubricants and construction materials. Today, the majority of the STO’s activities, where the government currently owns around 92.3 percent, constitute the supply and sale of petroleum and aviation fuel. STO Singapore’s mandate was initially limited to purchasing diesel and related products on behalf of the Maldives, mostly sourcing from companies such as Shell Eastern, the Singapore Petroleum Company and Petronas, the Malaysian-state run firm. But soon STO Singapore was authorised to sell these products to other countries, particularly Burma. The majority of its sales thus went to either Male or Rangoon, with the exception of 2002, when the majority of revenue came from Malaysia, through forged invoices.

When the Grant Thornton investigators landed in the Maldives late last year, they were provided with three hard drives from the President’s Commission, a body set up by Nasheed’s government to investigate allegations of corruption and misappropriation of assets under the previous regime. These were copies of hard drives from the STO Singapore office as of 2009. And the web of corruption started unravelling.

the week maldives article
“Ghost ships” regularly left Singapore in the name of delivering oil to the Maldives – but never arrived here

A NEW CACHE OF DOCUMENTS


FocusMaldives has now accessed a massive cache of leaked documents from a highly-placed source within the present government in the Maldives, which indicate that the 2010 investigation on the Oil Scam was just the tip of the iceberg.

“These never before seen documents about the illegal sale of $800m of oil to the Burmese Junta back in the 1990-2000 expose in far more detail how STO and Mocom carried out their fraud,” says Chakrabarti.

The leaked cache of documents include bank statements, Telegraphic transfers or telex transfers (TT) and swift transfers, Bills of Landing, letters of indemnity, track records, voyage instructions and many more. Maldives 1

The massive leak of information comes at a time of growing opposition to Yameen, as a broad opposition coalition including his former VPs, defence ministers, political allies and even his half-brother – former dictator Gayoom – seeks to remove him from power.

Recently, Yameen has also been accused of involvement in massive corruption and embezzlement of public money from resort sales, as well as elaborately planning to launder $1.5 billion through the Maldives central bank.
As our journalists go through the documents, the new investigation will soon be unravelled in an investigative series titled- The Oil Leaks (Loot On The High Seas: How Politicians & Bureaucrats Masterminded The Biggest Scam In The Maldives) Oil Scam Feature-1

FocusMaldives has also accessed documents presented in the high court of Singapore, which has been kept under the wraps for many years now. Informed sources indicated that a lot of money has been spent since 2011 to keep these documents from the public eye.

All Is Not Well Between Gayoom Brothers: Everything You Need To Know

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Gayoom, probably the most power name. One is the longest running dictator and former President, another is the current President. Both are also half-brothers.

When senior “Gayoom” Maumoon Abdul Gayoom decided retire from active politics, he endorsed Abdulla Yameen Gayoom in the 2013 Presidential elections against first democratically elected President Mohamed Nasheed, but now everything does not seem right between them. Here’s how:

Uncontested Presidential Candidate, Well No!

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  • Gayoom, who is the leader of Progressive Party of Maldives, has refused to endorse President Yameen as the “uncontested” Presidential candidate despite a few leaders of the party coming out in his support

  • According to the rules, President Yameen, if completes five years of his tenure, would be eligible to contest the election without the primaries. But, a big “NO” has come from the Godfather of the party

Say No To Tourism Bill

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  • Gayoom has now urged ruling party lawmakers to vote against the President Yameen sponsored amendments to the tourism law

  • Gayoom asked the leaders in the Viber Group Chat to vote against the bill saying that it was against the party’s stand which is to ensure public prosperity through equitable distribution of natural resources

  • The amendment, if passed, would allow government to lease islands, lagoon and plots of tourism without any bidding

Disappointed With Yameen

yameen with gayoom 1

  • Gayoom is disappointed over the letter written to President Yameen on Foreign Landownership Bill and the appointment of Ahmed Adheeb as Vice President that went unreplied

  • Earlier, he had taken Facebook to criticise President Yameen for his economic model calling for making Maldives, the new Singapore

Dunya- The Saving Grace

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  • Dunya Maumoon, Maumoon Gayoom’s daughter is being the saving grace in the rift as she continues to serve Yameen’s government as Foreign Minister. She has, time and again supported, President Yameen’s decision, the most recent being the Cabinet reshuffle in the government

From United Opposition To Rift Between Gayoom Brothers: All You Need To Know

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jameel 1
Mohamed Jameel Ahmed to lead the new opposition coalition (Photo Courtesy: Twitter/@MJameelAhmed

Former Vice President Mohamed Jameel Ahmed- impeached by President Addulla Yameen last year- might be heading the new coalition opposition formed to oust the current government.

The new coalition will be announced after a meeting between representatives of different opposition parties and prominent politicians in London on June 1

The New Political Development: All You Need To Know

The United Opposition:

UnitedOpposition-Maldives 1

  • Former Vice President Mohamed Jameel Ahmed, former President Mohamed Nasheed, representatives of jailed former Vice President Ahmed Adeeb, jailed former Defence Minister Mohamed Nazim and the Adhaalath Party will participate in the meeting to form a coalition opposition to oust the current government

  • Former Vice President Jameel Ahmed- who was impeached last year by the Yameen government- is said to be heading the new rainbow coalition

  • The meeting will be held in Royal Overseas League in Green Park on June 1

The Motive:

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  • The joint statement by all the representative called to “explore ways of legally prevent the Maldives’ continued slide into dictatorship and authoritarianism” under Yameen

  • Yameen is being accused of corruption, terrorism financing and money laundering


  • No clarity whether the coalition is heading to remove the President from office

Unaware Jumhooree Party?

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  • MDP- allied Jumhooree Party – which had split with Yameen’s Progressive Party of Maldives – said that it is “unaware” of any such development

  • Jumhooree Party’s deputy leader Ahmed Ameen is said to be attending the meeting in his personal capacity

Absconding Leaders:

  • To be head of the new coalition- Jameel- had fled to the UK days before he was impeached by the PPM-dominated parliament

  • Ameen had fled to London with MDP Chairperson Ali Waheed in June last year days before they were to be charged with terrorism. Charges against Ameen was later lifted but he fears returning home due to pending charges against him

Distance Between Gayoom Brothers!

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  • It is talk of the town that Former President and half-brother of Yameen, Maumoon Abdul Gayoom is not happy with him and is mulling to stop defending him

  • According to reports, he is disappointed over letter written to President Yameen on Foreign Landownership Bill and the appointment of Ahmed Adheeb as Vice President that went unreplied

  • Earlier, he had taken Facebook to criticise President Yameen for his economic model calling for making Maldives, the new Singapore

  • Gayoom’s daughter, however, continues to serve Yameen government as Foreign Minister

  • The President’s office, though, has turned down the rift between the brother calling it mere “rumours”
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