MTDC board director resigns, alleges management ignored board decision on Ayada dispute
MTDC board director Asaamy Rushdy has resigned, alleging the company's management failed to act on a board decision regarding the Ayada resort dispute and misrepresented the board's approval on a rights issue.
By Rishwan Share
A director of Maldives Tourism Development Corporation's (MTDC) board, Asaamy Rushdy, resigned last Thursday, alleging that the company's management had failed to act on a board decision concerning the dispute involving Ayada Resort, operated by MTDC in Gaafu Dhaalu Maguduvvaa.
In his resignation letter to the board, Rushdy said he was compelled to step down because management was making certain decisions against the interests of board members. He specifically noted that management had not acted in line with the board's decision on the Ayada Resort matter, and that despite repeatedly raising the issue, no response had been provided.
His letter referenced the Ayada dispute amid rumours that the headlease for Maguduvvaa was being sold at an undervalued price, a claim MTDC has previously denied.