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Parliament Examines Urbanco’s MVR 200 Million Loan Withdrawal During Election

Parliament's Public Accounts Committee is examining Urbanco's withdrawal of two loans totalling MVR 200 million from Maldives Islamic Bank under a sovereign guarantee during the September presidential election. The committee raised concerns about possible inaccuracies in the loan-related information and decided to have the Finance Ministry's secretariat validate the data.

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What are the key figures?

Sources 1carried it 1 of 19 news outlets we monitor
Figures6as written, with their sentences

One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.

What happened

in order; days are read from the reports' words and dates
  1. Wed 20 Sep
    The administration of former President Ibrahim Mohamed Solih provided a sovereign guarantee for Urbanco's loan. on 20 September only Maldives Republic The administration of former President Ibrahim Mohamed Solih provided a sovereign guarantee for this loan on 20 September, a date situated between the two rounds of the presidential election.

    Word for word from the report in Maldives Republic. Open the report

  2. Tue 12 Dec
    A meeting of the Parliament Public Accounts Committee disclosed information about Urbanco's loan withdrawals. on Tuesday only Maldives Republic newest This revelation came to light during a meeting of the Parliament Public Accounts Committee on Tuesday.

    Word for word from the report in Maldives Republic. Open the report

How the reporting differs

one source so far

Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.

Figures in these reports

as written, with the sentence they come from
  • MVR 200 million Total loans withdrawn by Urbanco from Maldives Islamic Bank Maldives Republic Urbanco, the state-owned housing development entity, is facing scrutiny for the withdrawal of two loans totalling MVR 200 million from the Maldives Islamic Bank (MIB) under a sovereign guarantee during the September presidential election.

    Word for word from the report in Maldives Republic. Open the report

  • MVR 100 million MVR portion of the loan facility Maldives Republic The loan facility comprises MVR 100 million and US$6.6 million (equivalent to MVR 99.8 million).

    Word for word from the report in Maldives Republic. Open the report

  • US$6.6 million (equivalent to MVR 99.8 million) USD portion of the loan facility Maldives Republic The loan facility comprises MVR 100 million and US$6.6 million (equivalent to MVR 99.8 million).

    Word for word from the report in Maldives Republic. Open the report

  • MVR 1 million Processing fee on the loan Maldives Republic Additionally, there is a processing fee of MVR 1 million, and when factoring in projected expenses related to servicing the loan, the total repayment amount is expected to reach MVR 111 million.

    Word for word from the report in Maldives Republic. Open the report

  • MVR 111 million Expected total repayment amount for the MVR portion Maldives Republic the total repayment amount is expected to reach MVR 111 million

    Word for word from the report in Maldives Republic. Open the report

  • 7.68 percent Interest rate on the US$6.6 million portion Maldives Republic In the case of the US$6.6 million portion, it carries an interest rate of 7.68 percent.

    Word for word from the report in Maldives Republic. Open the report

Subjects

sectors and approved topics, alphabetical
Finance & bankingPublic finance & tax

Named in these reports

alphabetical
Ibrahim Mohamed Solih former PresidentMinistry of FinanceParliament Public Accounts CommitteeUrbanco