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Maldives Tourism Development Corporation board member Asaami Rushdee has resigned, alleging management actions regarding the sale of the Maguhdhuvaa resort head lease conflict with the interests of public shareholders.
News Desk
Asaamee Rushdhee, who resigned from the MTDC board director position --
MALÉ: Asaami Rushdee, a director representing public shareholders on the board of Maldives Tourism Development Corporation (MTDC), resigned on Thursday, August 20, 2026.
Asaami, who served on the board since 2020, cited serious concerns regarding management handling of the head lease for GDh. Maguhdhuvaa, the island housing the Ayada Maldives resort.
In his resignation letter submitted to the MTDC board, Asaami stated that company management failed to implement board decisions and acted against the direct interests of public shareholders.
He highlighted that management provided inaccurate information to local media regarding a proposed rights issue and failed to keep board members properly updated on the transaction status.
Asaami noted in his letter that remaining on the board while officially objecting to these management choices could be interpreted as tacit approval of decisions he strongly opposes.
MTDC planned to sell the head lease of GDh. Maguhdhuvaa to the Turkish operating firm for USD 1.5 million. However, existing sublease terms require the operator to pay up to USD 1.2 million per quarter during the final five years of the agreement, raising concerns over significant financial loss for MTDC.
