Maldives state has dissolved a total of 08 state owned enterprises from 17 such corporations that were listed for dissolution.
Meanwhile, the island nation state had confirmed on commencing the process of liquidating remaining corporations listed for dissolution. Ministry of Finance is reportedly working towards liquidating the remaining 09 corporations.
The state is set to completely liquidate the following corporations;
- Maldives National Broadcasting Corporation (MNBC)
- Felivaru Fisheries Maldives
- Kooddoo Fisheries Maldives
- Kulhudhuffushi Port Limited
- Madivaru Holdings Private Limited
- Gan Airport Company
- Works Corporation
- Maldives Road Development Corporation (MRDC)
- Hazana Maldives
- National Investment Management Company
From the listed corporations up for liquidation, Maldives National Broadcasting Corporation (MNBC) was incorporated during former president Mohamed Nasheed’s administration who had also split MIFCO into Felivaru Fisheries Maldives and Kooddoo Fisheries Maldives.
Moreover, this split had resulted in debt accumulation along with loss of assets from the main company.
Both Kulhudhuffushi Port Limited and Hithadhoo Port were initiated during Nasheed’s administration.
Meanwhile, Maldives Road Development Corporation (MRDC) came to inception under former president Abdulla Yameen Abdul Gayoom’s administration, which during the same administration was dissolved and taken under the administrative wing of Ministry of Housing. Both Hazana Maldives and National Investment Management Company were created during Yameen’s administration as welll.
The state owns over 30 enterprises as per the most recent updates, out of which many of the corporations have been financially handicapped for years. Several of these corporations have been operating at significant losses that in turn add bad debts or unnecessary expenses towards the state budget.
Furthermore, a recent International Monetary Fund (IMF) report claimed on a collective debt of MVR67 billion originating from five of the state owned enterprises in Maldives.