Settlement Committee seeks independent auditors to assist in its work

The Attorney General’s Office has announced its seeking independent audit firms to assist in the work of the Settlement Committee.

The Settlement Committee – established within the Attorney General’s Office -  is tasked with providing legal counsel to the President regarding out of court settlements which involve state interests.

The Attorney General’s Office announced its decision to seek independent audit firms to assist it the Settlement Committee’s work this Monday.

The main task of the audit firms will be to evaluate financial documents submitted to the committee, assess the value of damages, and counsel the committee regarding compensation payment.

“The main purpose of seeking counsel from an independent audit firm in out of court settlements is to ensure the fairness of settlements awarded to different parties, and protect state interests,” said the Attorney General’s Office.

According to the Attorney General’s Office, audit firms will be selected following an open bidding process. It said the terms of reference and other documents regarding the bidding process will be published on the Government Gazette soon.

Finance Minister Ibrahim Ameer, during a ministerial questioning session at the Parliament last week, announced that the Maldivian administration had paid approximately MVR 1 billion in settlements to private parties.

It includes MVR 280 million in accordance with the ruling by Singapore International Arbitration Centre in favor of Nexbis for the 2013 termination of the contract awarded to it to establish a border control system in Maldives in 2010, MVR 130 to WLT, and MVR 848 million to Noomadi Resorts and Residence for termination of the contract with it for housing projects in the atolls.