Ras Malé Reclamation Project Raises Transparency and Governance Concerns

The Ras Malé land reclamation project, a flagship government initiative, has sparked controversy over transparency and governance. The contract was awarded to Sri Lanka's Capital Marine and Civil Construction Company (CMC) without competitive bidding, drawing criticism given the government's previous condemnation of similar practices. Urbanco's Managing Director Ibrahim Fazul Rasheed defended the decision, citing the uniqueness of the offer and promising 65,000 housing units without immediate financial burden. CMC will receive 70 hectares of land on long-term lease as compensation. The project is under scrutiny by the Anti-Corruption Commission (ACC), and there are unresolved funding issues lacking parliamentary approval. The project aims to address the housing crisis but now raises governance concerns.

The Ras Malé land reclamation project, a flagship government initiative, has sparked controversy over transparency and governance. The contract was awarded to Sri Lanka's Capital Marine and Civil Construction Company (CMC) without competitive bidding, drawing criticism given the government's previous condemnation of similar practices. Urbanco's Managing Director Ibrahim Fazul Rasheed defended the decision, citing the uniqueness of the offer and promising 65,000 housing units without immediate financial burden. CMC will receive 70 hectares of land on long-term lease as compensation. The project is under scrutiny by the Anti-Corruption Commission (ACC), and there are unresolved funding issues lacking parliamentary approval. The project aims to address the housing crisis but now raises governance concerns.

The Ras Malé land reclamation project, a flagship government initiative, has sparked controversy over transparency and governance. The contract was awarded to Sri Lanka's Capital Marine and Civil Construction Company (CMC) without competitive bidding, drawing criticism given the government's previous condemnation of similar practices. Urbanco's Managing Director Ibrahim Fazul Rasheed defended the decision, citing the uniqueness of the offer and promising 65,000 housing units without immediate financial burden. CMC will receive 70 hectares of land on long-term lease as compensation. The project is under scrutiny by the Anti-Corruption Commission (ACC), and there are unresolved funding issues lacking parliamentary approval. The project aims to address the housing crisis but now raises governance concerns.

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