Monday 22nd Jul 2024
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ACC Halts Allocation of Polco Flats' Commercial Units Amid Controversy Over Recipients

Anti-Corruption Commission (ACC) has intervened in the affairs of police welfare company POLCO over allegations of impropriety in handing over their commercial units in Hulhumale'.
"Dhiyares" confirmed that the ACC had instructed POLCO to cease operations formally. Further investigations by "Dhiyares" uncovered that the work was being executed to favor a specific faction within POLCO. Some police officers had made attempts to disrupt this operation.
Initially, POLCO's approach was to allow bids on a short-term basis. The announcement, first posted in the gazette, permitted interested parties a mere three-day window to propose leasing the units. Within this timeframe, certain individuals came forward with offers, aiming to secure the units for themselves. However following internal dissent and dissatisfaction from some employees, POLCO retracted the initial announcement. The revised notification now assures potential bidders of an extended period. Despite this, allegations persist that POLCO is still favoring a specific group in the handover process.
A high-ranking insider from the ACC revealed details about a complaints lodged, suggesting that certain POLCO officials were aiming to transfer the units to a subsidiary within POLCO itself. POLCO retains a 60% equity in this subsidiary, with the balance being independently operated. Intriguingly, despite owning the majority stake, "Dhiyares" revealed that POLCO's profit share does not reflect its substantial equity in the company.
Once ACC became aware of these allegations, they issued a directive to POLCO. The letter stated, "A matter pertaining to the allocation of commercial units of POLCO flats has reached the Commission." The ACC also ordered POLCO to freeze any related transactions until a comprehensive review can be conducted and a decision reached.
This case parallels other incidents where state-owned enterprises have been caught extending undue advantages to those affiliated with the governing body. This includes offering permanent positions to temporary workers linked to political parties, despite ACC's prior warnings against such practices.