Fayyaz Ismail, Minister of Economic Development, has disclosed that he has a debt of more than MVR900,000 to several creditors.
According to Fayyaz's public financial statement, he owes a total of MVR942,366 to 6 creditors, and USD638 to another.
The details of his debts are as follows:
1. MVR19,555.48 to Bank of Maldives (Lui Loan),
2. USD638 to Bank of Maldives (Credit Card),
3. MVR91,311.68 to Bank of Maldives (Credit Card),
4. MVR300,000 to Ahmed Ismail,
5. MVR100,000 to Ahmed Musthaq Ali,
6. MVR357,000 to Hassan Ismail
7. MVR74,000 to Habeys Pvt Ltd
The creditors of his largest debts are his brothers, Hassan Ismail and Ahmed Ismail. Hassan Ismail had previously worked as the Communication Secretary at the President's Office, he claims that he currently "trades" for a living.
Despite his public disclosures, several companies in which Fayyaz ownes shares have debts of millions of Rufiyaa. For instance, a loan taken on by one of Fayyaz's companies from Malaysia's EXIM bank had gone unpaid; the Malaysian government had complained of the unpaid debt to the Maldivian government in 2016. This matter had not been included in Fayyaz's public financial statement.
Even though state officials published financial statements, there exists no way to verify any of the information published.