MITDC asks investors to file claims for land refunds in stalled Baresdhoo project

The Maldives Integrated Tourism Development Corporation (MITDC) has asked investors to take legal action to recover funds paid for land purchases in the long-delayed integrated tourism project on L. Baresdhoo.

The project, initially launched during the administration of former President Abdulla Yameen, was first managed by the Maldives Marketing and PR Corporation (MMPRC) before being transferred to MITDC. Despite its early promise, the development has been stalled due to various setbacks. Under the previous Maldivian Democratic Party (MDP) government, design changes were made to the project, but progress remained slow. MITDC officials have cited a lack of approval from the Ministry of Finance as a key reason for the delay in recent years.

In a recent communication to investors, MITDC’s board announced a decision to refund payments made for the land acquisitions. Investors seeking refunds must follow these steps outlined by MITDC:

• File a case in the Civil Court for the recovery of the paid funds.
• Upon receiving a favourable court judgment, MITDC will forward the decision to the Ministry of Finance.
• The Finance Ministry will then release the funds to MITDC.
• MITDC will process the payments and return the money to the respective investors.

This development comes amid the government’s recent decision to dissolve MITDC by January. Established during President Yameen’s tenure to develop mid-range tourism properties, MITDC’s projects and responsibilities will be transferred to the Maldives Fund Management Corporation (MFMC) as part of an ongoing restructuring.