Sanken Overseas Rejects Baseless Allegations Made Against the Company by Local Media

Sanken Overseas (Private) Limited has released a statement rejecting all the baseless and fabricated allegations made in the article titled “Huge tax reliefs to be granted to foreign companies through an amendment to the law” published by Avas Online on 14 February 2021. According to Sanken Overseas, the article contained numerous factual inaccuracies and fabricated stories portraying the company in a negative light with a malicious intent to tarnish its good name.

Sanken Overseas is one of the oldest foreign investment companies operating in the Maldives, with a presence of over 30 years. During this period, the company has actively engaged and contributed to the growth of the Maldivian economy not only as a contractor but also as one of the largest investors in the Maldives, infusing approximately USD 250 Million in resort development projects with the support of Sri Lankan banks.

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Furthermore, the company also engaged in several Corporate Social Responsibility projects conducted in the Maldives with the assistance of the Sri Lankan and Japanese government, respectively. The resort projects undertaken by Sanken Overseas as an investor will generate a minimum of 650 employment opportunities for the local community in the Maldives.

Furthermore, the company states that it has always complied with the laws, regulations and instructions from all relevant authorities of the Maldives, remaining as one of the largest taxpayers in the country. As such, no cases have been filed at the Tax Appeal Tribunal or any other courts of law in the Maldives or any administrative action taken against the company by the Maldives Inland Revenue Authority.

“We will be pursing necessary action against any individuals or news organisations who attempt to mislead the general public of Maldives and smear our good name in for their own benefit,” states the company.

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