Maldives Transport and Contracting Company (MTCC), on Wednesday, said it was now working towards rectifying the errors of previous management.
MTCC Chief Executive Officer Abdulla Ziyad said the company’s fiscal conditions were dire while its projects have muddied. He also bemoaned the lack of vehicles to adequately render Raajje-Transport Link (RTL) integrated ferry network services.
Despite this, Ziyad however said the ongoing projects will proceed according to their original scope. He further said the corporation will increase trading activities to boost revenue to minimize reliance on developmental projects.
According to MTCC’s Chief Project Management Officer Ahmed Latheef, the corporation was engaged in 195 development projects when the new management took charge, with three of the said projects already concluded in the last three months.
He added that 123 of these projects are already underway while 69 of them have yet to be mobilized. He further highlighted that the previous management entered into contract for 15 projects for which adequate permissions were not acquired from relevant authorities. The projects cost a total of MVR 200 million, Ahmed added.
MTCC is currently in talks with all the relevant parties to resolve the complications of these projects.
He further said that three out of the five barges are currently out of commission, and stressed the logistical duress in operating only two in delivering cargo and supplies across the entire country.
The corporation is now in talks with relevant financial institutions to seek funding in order or resolve its challenges.