The Maldives Customs Service has publicly disclosed a list of 680 individuals and companies who collectively owe more than MVR 600 million in unpaid import duties, customs fees, and fines. The announcement follows the enforcement of a new regulation on 16 October 2025, mandating the publication of defaulters whose outstanding payments exceed MVR 10,000 and who have been formally notified under recovery procedures.
The move marks a significant shift in transparency and enforcement within the country’s trade and customs framework, with implications for financial institutions, corporate compliance, and regulatory risk management.
Among the most notable defaulters is Sultans of the Seas Pvt Ltd, which tops the list with MVR 110 million in unpaid dues. The amount stems from a 2010 court ruling related to import duty fraud, upheld by the Supreme Court in 2020. Other major corporate defaulters include Exotic Enterprises (MVR 47 million) and OCC Pvt Ltd (MVR 10.5 million).
Customs officials revealed that 16 individuals owe more than MVR 10 million, with the majority of these penalties linked to violations of the Tobacco Control Act. The largest individual fine—MVR 72 million—was issued for the illegal importation of vaping products.
Breakdown of Outstanding Dues
- MVR 100 million or more: 1 company
- Between MVR 100 million and 10 million: 15 individuals
- Between MVR 10 million and 1 million: 56 individuals
- Below MVR 1 million: 606 individuals
The list includes only those whose cases meet the regulatory criteria for public disclosure. Customs clarified that individuals and entities under investigation or awaiting final court enforcement will be named once legal processes are concluded.
In accordance with the new disclosure protocol, the names of defaulters are first published on the Maldives Customs Service’s official website. After a 15-day period, the information is released via the Government Gazette and the agency’s social media platforms. While names may be removed from the website and social media upon settlement of dues, entries published in the Gazette are permanent.
This development is expected to have wide-reaching implications for credit risk assessments, trade financing, and corporate governance practices across the Maldives. Financial institutions and investors are advised to monitor the Gazette and Customs website for updates on defaulter status and potential exposure.
