Anti-Corruption Commission (ACC) has ordered the recovery of USD 550,000 that was given to an Australian company in 2007 to develop flats in Hulhumale'.

ACC said on Tuesday that the Commission ordered Maldives Transport and Contracting Company (MTCC) and Maldives Real Estate Investment Corporation (MREIC).

MREIC made the USD 550,000 payment to International Finance Corporate Australia (IFCA) in 2007 as a reimbursable payment to secure capital required for the housing project.

ACC stated there is evidence that MTCC - which owns 99.99 percent of MRIEC - made the payment to MRIEC and that IFCA has not returned the funds to date.

As such, ACC on Tuesday ordered the recovery of the funds.