President Dr Mohamed Muizzu has announced that the government will submit a new Asset Recovery Bill to parliament at the beginning of its third session next month.

He said the purpose of the bill is to help recover funds lost through major cases of corruption and theft, including the MMPRC scandal. The President noted that the current system makes it easy for those involved in such cases to delay proceedings, which prevents the recovery of stolen assets.

The bill will be signed into law as soon as it is passed by parliament. The President emphasised that the government has a duty to protect public funds and ensure accountability.

Audito General's Office had earlier released a report highlighting corruption in Fenaka Corporation’s procurement of goods and services between 2021 and 2023.