Majapura – The joint project between the Majesian and Bai governments to develop Majesia Bay Island is likely to be postponed “until next year” amidst corruption investigations, said a statement from the International Bai Investments and Development Corporation.
The Corporation has also assured investors and prospective home-buyers that the project will “go-ahead”, but said they have to “wait longer” before they can reap the “full benefits” of the project.
At the end of last year, the former Majapura Mayor has been arrested over multiple charges, including bribery, abuse of authority, coercion and leaking government secrets. The arrest comes after a year-long investigation by the Majesian National Corruption Investigations Bureau.
Several other IBIDC personnel, who were closely involved with the joint Majesia-Bai project, were detained for having unauthorised access to Majesian classified government documents. While initially Bai has protested over the charges, the Bai foreign and trade ministries are now assisting local authorities. Two of the Bai nationals detained, Liu Yongshan and Cui Nanbu, were to be deported back to Bai for similar charges at home.
The arrests and charges have led to a loss in confidence by some investors, who withdrew from the project. Development works have been affected, and there was uncertainty whether the project would continue.
To address the uncertainties, the company has issued the following statement, “Despite the allegations, the project will still go ahead. I assure those who wish to move in, or continue investing, that despite the challenges we face, this development will come out strong, and all parties will get to reap the full benefits of the project. But I urge patience and give us some more time to work this out. Likely this project will be completed only until next year.
“We have spoken with the local authorities who have agreed to allow us to continue on the project. The Majesia Bay Project falls under their vision of a future-ready city that will improve the quality of life for all residents. The company remains committed to finish this project, and continue working in Majesia and the region. Such projects will deepen ties between Bai and Majesia, and ensures quality development for the country.
“It is unfortunate that some of us have delved into the project through unethical means. The company will rework its policies and improve the accountability system to root out corruption from within. Those who subverts our values and established rules shall face the mercy of the justice system.”
Despite the assurances, many investors interviewed said they would no longer support the project if progress took a turn for the worse, and are prepared for the “worst possible outcome”. Those who had also bought a unit said they are still engaging law firms for refunds or compensation should the project not proceed.
