This is a re-publication of an investigation article published first in now discontinued dhivehiobserver.com
Khadheeja Hassan and Monaza Constructions Pvt Ltd
Khadheeja is also a 30% shareholder of Monaza Constructions Private Limited and was a director of the company. Owned by Mohamed Naeem it is the oldest construction company in the country with many illustrious projects and 28 years of experience to their credibility. Since Khadheeja’s falling out with Naeem, she has made numerous attempts to restrict the business of the company in every conceivable way.
When Khadheeja Freezed all banking facilities of Naeem and his companies, Naeem was left in a very desperate situation. With 4 of his children studying abroad and other commitments and serious losses the company was facing due to Khadheeja’s actions, he was looking at ways to generate an income and operate the company.
Naeem in a bid to protect his company, decided to find ways to remove her from the board of directors. To do so, with a written consent from the Trade Ministry, Naeem transferred 15% of the 70% that he controls to his eldest son Zafar Kalaam Mohamed Naeem. Now with 2 major share holders on Naeem’s side he requested SBI to release all accounts they had freezed.
The bank’s response is reproduced below curtesy of an employee of the bank.
An emergency meeting of the board was held to resolve the matter. Naeem now with a clear majority in the board, voted to remove Khadheeja from the board.
Now that Khadheeja was no longer a board member, legally Khadheeja could not advise the banks to hold Monaza’s accounts. Now that Khadheeja was no longer a director of the company, Naeem again requested SBI and Bank of Maldives – BML release the accounts of Monaza so that the company could resume its businesses.
A copy of BML’s response is reproduced below curtesy of an employee of BML.
Monaza Constructions response to the bank is reproduced below, again curtesy of a BML employee.
BML still refused to budge and responded that its position still remains the same. BML’s response is reproduced below.
For the information of our readers below is a copy of a letter sent to Monaza Constructions from Ministry of Trade and Industries. In the letter the registrar of companies Idham Muizz Adnan clearly states that Khadheeja is no longer a member of the board of directors of Monaza Constructions. The Trade ministry employee who provided us with the copy of the letter wishes to remain anonymous.
In the meantime similar to Guardian Agency, SBI sent a letter to Monaza Constructions requesting that all due debts and overdrafts be paid back. Again SBI threatens to wind up the company for failure to pay debts as well as file a suit in the Maldives Civil Court for recovery of debts. Again it is believed Khadheeja was threatening SBI in her capacity as Senior Executive Director of Maldives Monetary Authority. These are also loans taken by both Naeem and Khadheeja to redevelop Ranveli. Again SBI is helpless as to how they can recover the debts.
As the cases we mentioned above are all ongoing, we hope that we can bring you details as they unfold.
We would also like to thank the employees of the relevant banks, government authorities that risked their jobs to give us this information. Without you this report would not be possible. Thank you.
Mr. Naeem when asked to comment on the matter of Guardian Agency Pvt Ltd and Monaza Constructions Pvt Ltd, he simply said, “I will do anything and everything to protect my life’s work and to get justice by any means possible in the legal framework of the country. I have nothing more to say.” Mr. Naeem or anybody else at Guardian Agency refused to supply us with any help, citing repercussions on their pending legal issues with Ms. Khadheeja Hassan.
Late 2004, Khadheeja Hassan reportedly said in the presence of close friends and family, that she had “done no wrong in her capacity as a senior government figure or in her private business affairs”. She was not available for comment for this article.
This report is brought to our audience, those who give aid to the Maldives government for different purposes to develop the country and other interested in investing in the Maldives. Everybody should be made aware that the Central Bank of the Maldives – Maldives Monetary Authority is run by one of the most corrupt individuals in the country. Our concern is that many of the aid money given to this government goes missing through the fingers of this individual. By bringing you this truth we hope to prevent future corruptions of this individual and her associates and to give a fair go to the little people that are getting stepped on. WE DEMAND FROM THE GAYYOOM GOVERNMENT THE IMMEDIATE REMOVAL OF KHADEEJA HASSAN FROM THE MALDIVES MONETARY AUTHORY as it could be detrimental to the country’s economy by keeping such a corrupt individual at the head of the country’s most important bank.
Copies of these articles was sent to;
- The Australian Government – contributor of aid annually of basic food supplies which the government of Maldives sells to the people.
- The Japanese government – contributor of aid to the Maldives people since 1986.
- The Commonwealth Secretary General
- The American Government.
- The United Nations and all of its bodies.
- Amnesty International
- The World Bank
- International Monetary Fund (IMF)
- The Saudi Government
- The Kuwaiti Government
- The British Government
- The British Red Cross
- The German Government
- The German Red Cross
- The Chinese Government
- The French Government
- The Government and the Central Bank of Switzerland
- The Singaporean Government
- All governments of members of the SAARC – Sri Lanka, India, Bhutan, Nepal, Bangladesh, Pakistan
Disclaimer (April 2017): Mohamed Naeem (Monaza) is my father.