The State Trading Organization (STO) has announced that it will temporarily take over all gas procurement operations for Maldive Gas, as authorities investigate the disappearance of funds related to a gas purchase.

According to STO, the board of directors of Maldive Gas has approved a temporary suspension of all gas procurement activities. As a result, STO will oversee the purchase and supply of gas for the company until further notice.

The decision follows revelations that $240,000 (MVR 3.7 million) paid by Maldive Gas in October 2024 to a Dubai-based company, Jaksha Energy, for gas procurement had gone missing. The gas was never delivered, and the funds have not been recovered.

The case is currently under investigation as a potential money laundering offense. The Anti-Corruption Commission (ACC) has also launched a separate probe into the matter.

STO said efforts are underway to recover the lost funds. Jaksha Energy has reportedly assured that the payment will be returned before the end of this month.

The temporary handover is intended to ensure continuity in gas supply while strengthening accountability in procurement processes.