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Borrowings near MVR 16.64bn as MACL takes massive loans against Hulhule’ properties
A 2025 audit report by the Auditor General's Office shows MACL's borrowings have climbed to near MVR 16.64 billion after it took loans secured against leasehold property mortgages in Hulhule' to fund airport infrastructure and reclamation work. Loans under sovereign guarantees alone exceed MVR 7 billion, while its subsidiary MIID holds MVR 1.76 billion in assets under construction and billions in liabilities.
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Figures in these reports
as written, with the sentence they come from
over MVR 7 billionLoans secured against sovereign guaranteesSun EnglishThe loans secured against sovereign guarantees alone amount to over MVR 7 billion.
Word for word from the report in Sun English. Open the report
MVR 1.76 billionMIID assets under constructionSun Englishhad MVR 1.76 billion in assets under construction by the end of last year, and faces billions in liabilities.
Word for word from the report in Sun English. Open the report
MVR 20.37 billion to MVR 23.6 billionMACL property, plants and equipment, capital work-in-progress and capital advancesSun Englishthe value of MACL's property, plants and equipment and capital work-in-progress and capital advances rose from MVR 20.37 billion to MVR 23.6 billion last year
Word for word from the report in Sun English. Open the report
Other events named
no clear day, as worded
The Auditor General's Office released the 2025 audit report on MACL.Sun EnglishThe 2025 audit report on MACL, released by the Auditor General's Office, highlights a massive shift in the company's financial circumstances
Word for word from the report in Sun English. Open the report