Thursday 11th Aug 2022
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MTCC

MTCC’s latest dredger breaks down before arrival in Male’

The latest dredger acquired by Maldives Transport and Contracting Company Plc (MTCC) has broken down before it had arrived in the Maldives.
The dredger purchase has been marked as an act of corruption. The contract was given to the highest bidder.
The winning bid was presented by MM Export, a company that is believed to be closely associated with MTCC CEO Adam Azim.
Four companies submitted bids for the projects: Amsterdam Shipyard, Royal IHC, MM Export, and Ellicot.
  • The bids submitted:
  • 1. Amsterdam Shipyard - € 9,350,000 (MVR 147,308,623)
  • 2. Royal IHC - € 10,331,997 (MVR 162,779,920)
  • 3. MM Export - € 14,178,000 (MVR 217,632,300)
  • 4. Ellicot - € 9,812,250 (MVR 154,591,341)
MM Export has been given several high value projects, amounting to several millions, since Adam Azim took over the company.

Bids from Amsterdam Shipyard and Ellicot were declared non-responsive and their bids nullified. Royal IHC’s bid was declared as a late submission and nullified.

A senior figure at MTCC speaking on the condition of anonymity reported that the dredger sold by MM Export was the one proposed by IHC.

“IHC proposed to sell the dredger to MTCC for € 10.33 million. MM Export bought the exact same dredger, resold it to MTCC for € 14.18 million. This is massive theft done in broad daylight, isn’t there anyone to stop this?” he lamented.
Based on this transaction alone, MM Export stands to make a profit of € 3.85 million (MVR 54.85 million). MTCC would incur a loss but it is expected that higher ranking officials here would receive a cut
MTCC source
The dredger landed in Male’ two days before. Named “Bodu Jarraafaa”, severe damages to the dredger cabin, actor boom, and controller equipment were seen. MTCC had published pictures of the vessel but most of the damages have been covered by a tarp.

The official said that reports were made that bad weather was to blame, adding that details were scant. However, he confirmed that damages amounted to millions.

Dhiyares and TMJ will soon be bringing an expose on MTCC handing over massive projects worth millions to MM Exports since Adam Azim took over the company.