Government seeks liquidator for MITDC

Ministry of Finance has invited bids from parties interested in conducting the liquidation of the Maldives Integrated Tourism Development Corporation (MITDC), a state-owned enterprise established to undertake tourism development projects.

In an announcement issued today, the ministry said interested parties must submit their bids by 1:30 pm on 29 January.

The ministry also gazetted a list of responsibilities to be carried out by the appointed liquidator. These include:

The finance ministry said that, as MITDC is a state-owned company, the liquidation must be carried out in line with the highest standards of transparency, accountability and good governance.

The decision follows the findings of a special audit released last year by the Auditor General’s Office, which found that three major projects undertaken by the company remained incomplete despite significant expenditure.

According to the audit, MITDC spent a total of MVR 52.35 million on three projects- the Laamu atoll Baresdhoo Integrated Resort Island Development Project, the Kaafu atoll Kaashidhoo Tourist Village Project, and “Project Palm”, which involved the reclamation and development of 10 lagoons in Kaafu atoll.

MITDC was established in 2016 during the administration of former president Abdulla Yameen, and the projects were launched by 2021 under the government of former president Ibrahim Mohamed Solih.

The audit office concluded that the company had failed to generate adequate revenue since its inception and warned that the projects it had initiated were unlikely to be completed in the near future. It recommended that MITDC should not continue operations unless it secured additional sources of income.