Former President Mohamed Nasheed’s latest comments about selling shares of Velana International Airport (VIA) have reignited memories of one of the most controversial episodes in Maldivian history — his government’s sale of the nation’s primary gateway to GMR Group in 2010. For many citizens, it is not just hypocrisy; it is a reminder of the reckless economic experiments that cost the country millions and nearly stripped it of a key symbol of sovereignty.
Last week, Nasheed took to social media to criticise the current administration’s debt strategy, proposing that the government divest a portion of VIA shares to repay the USD 500 million sukuk bond due in 2026. He argued that selling part of the airport would be more “prudent” than issuing a high-interest bond to Cargill Financial Services Inc. The remark instantly drew public backlash, including from prominent lawyer and former Attorney General Azima Shukoor, who wrote on Facebook: “Some people just cannot get over their infatuation of selling our main gateway.”
Azima’s response struck a national nerve. Her words reflected the frustration of thousands of Maldivians who vividly remember how Nasheed’s administration handed the airport to a foreign company without public consent, sparking years of legal battles and forcing taxpayers to shoulder a heavy compensation burden when the deal was finally reversed. The saga remains one of the most expensive political miscalculations in recent memory.
Nasheed’s credibility on economic management has long been questioned. His presidency was marked by chaotic fiscal policy, excessive borrowing, and politically motivated handouts that strained the national budget. To many observers, his renewed push to privatize national assets under the guise of “fiscal prudence” only confirms that his economic instincts have not evolved.
Even his recent social-media remark about Velana Airport’s air-conditioning temperature — claiming it is “set at 15 °C and wasteful” — has been ridiculed as trivial and tone-deaf. Critics argue that Nasheed focuses on cosmetic issues to appear relevant, while ignoring his own record of mismanagement and poor judgement that nearly compromised national ownership of strategic infrastructure.
Under President Dr. Mohamed Muizzu’s administration, Velana International Airport has undergone historic transformation, with a new terminal capable of handling 7.5 million passengers annually and a clear policy to retain full state ownership. The government’s approach reflects a long-overdue correction of the damage done under Nasheed’s leadership — a shift from surrendering assets to strengthening them.
Nasheed’s recent rhetoric, critics say, exposes a deeper truth: despite years of political reinvention, he remains driven by the same flawed economic vision that once placed the country’s sovereignty at risk. While he lectures on fiscal prudence and patriotism, the nation remembers the man who sold its gateway — and the heavy price Maldivians paid to reclaim it.
