The Parliament's Public Accounts Committee has decided to look into the state's allocation of MVR 834 million to the Sifainge Cooperative Society (SIFCO) and MVR 700 million from the Police Cooperative Society (POLCO).

The committee's meeting held today proposed to investigate the cases by Deputy Speaker of parliament Ahmed Nazim. Eydhafushi MP Ahmed Saleem supported the proposal.

Speaking at a meeting of the Public Accounts Committee held today to review the contents of the letter sent by the Central Bank, Maldives Monetary Authority (MMA), regarding the state's finances, MP Nazim said that the information contained in the letter sent by the Finance Ministry to the committee would like to clarify to whom, to what extent, and in what manner the loans given to individuals were given.

Nazim submitted that it was known that MVR 834 million had been given to SIFCO among these loans, adding that there was no details of the loan given to POLCO on several occasions. Therefore, the matter should be investigated whether the amount given to the company had increased by MVR 700 million earlier.

He also pointed out that POLCO was given loans to complete the police flats, but they were not completed as per the common buildings, adding that the previous government had decided to re-bid the flats.

MP Nazim's proposal to investigate the matter was endorsed by MP Salim, who voted and approved the proposal by the committee.