Business

Government to Merge GMIZL with HDC

The Government has expressed interest in merging the Greater Male’ Industrial Zone Limited (GMIZL) with Housing Development Corporation (HDC).

According to the Managing Director of GMIZL, Ibrahim Rasheed, (Maagili Iboo) the government has been discussing merging the projects of both the establishments. He stated that a board meeting will be held tomorrow for share transfer and for ratification of laws.

Managing Director of HDC, Suhail Ahmed stated that the details of the merging will be soon shared by the Finance Ministry. Reportedly, GMIZL has been informed via a letter about the merging of two companies. The employees of GMIZL will be moved to HDC and no employees of GMIZL will lose their jobs due to merging.

GMIZL was formed during the former administration with the intention of managing Thilafushi and Gulhifaru, while HDC was intended to manage the youth City, Hulhumlae’.

When the discussions about the merging of two establishments take place, an issue of corruption has been under investigation upon the Managing Director of GMIZL. This problem is regarding the act of attempting to destroy a boat named “Mv Home Sapphire.”

This problem is currently under investigation by the Audit Office and Anti Corruptions Commission (ACC).

Full details are available at the link below:

Source URL: Corporate Maldives

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