Barbados tycoon offered an island in exchange for developing Thimarafushi Airport

Barbados’ wealthy businessman and entrepreneur Ajmal Khan is to be offered an island in exchange for funds to develop Th. Thimarafushi Airport to international standards.

Ajmal Khan is a Nigerean born billionaire of Indian descent, who initially lived in England and later acquired citizenship from Canada. He migrated and now resides in Barbados. Ajmal Khan’s company, Verus International Corporation made an offer to fund USD 31 million (MVR 478 million) towards the redevelopment of the airport in Th. Thimarafushi in exchange for an uninhabited island in that same atoll, Kanimeedhoo.

Verus International said that Singapore’s HPL group will assist in their redevelopment project. HPL group belongs to Ong Beng Seng, a Malaysian businessman who operates multiple resorts in Maldives.

Verus International has requested the government to deduct the finances put toward the airport development project from Kanimeedhoo’s lease and acquisition costs and the government has now agreed to the proposed arrangement.

Verus International approached the government with their proposal under the government's initiative of accepting unsolicited proposals.

The leaders of the current administration had ridiculed similar investment avenues back when former President Abdulla Yameen Abdul Qayyoom had begun his discussions. They had said that the leasing of islands without opening for public bids can be considered a form of corruption.