PCB's Annual Financial Review has revealed that last year's financial records of RACL, MITDC and Addu International Airport company were not verifiable according to audits.
Privatization and Corporatization Board's Annual Financial Review has revealed that last year's financial records of Regional Airports Company Limited (RACL), Maldives Integrated Tourism Development Corporation (MITDC) and Addu International Airport company were not verifiable according to audits.
As per the report, the three airports were audited by Crowe Maldives. Auditors noted that the biggest challenged faced in auditing the companies was that they had not shared their financial records.
As per the financial review, there are six companies in which issues were found in some financial records. These are Fahi Dhiriulhun Corporation, Fenaka, MMPRC, MTDC, RDC and STELCO.
As a high number of issues were found in WAMCO and PSM, the auditors have declined from offering an opinion.
Last year, SOEs received MVR 53 billion in revenues, with MVR 6.4 billion as profit. These were the profits earned by 14 out of 30 government shareholding companies. The remaining were all run at a loss last year.
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