President Dr Mohamed Muizzu has announced that the Government will submit a new Asset Recovery Bill to parliament at the beginning of the third session next month, to combat corruption.

Addressing residents of Thaa Thimarafushi, the President said the legislation is intended to strengthen efforts to recover funds lost through major cases of corruption and theft, including the MMPRC scandal.

He noted that the current system presents significant challenges in reclaiming assets, as those implicated in corruption often exploit loopholes to delay proceedings. The President stressed that, once passed and ratified, the Asset Recovery Bill would empower the Government to accelerate the recovery of misappropriated funds.

President Dr Muizzu assured citizens that his Administration will not permit the misuse of public resources, reaffirming his commitment to uphold his oath of office.

The announcement follows the release of a report by the Auditor General’s Office exposing corruption in the procurement of goods and services by Fenaka Corporation between 2021 and 2023.