The CEO and Managing Director of the State Trading Organization (STO) Shimad Ibrahim stated last night that Fenaka settled MVR 1 billion from the debt that is owed to STO.

While showcasing STO's financial report during their Annual General Meeting that was held at the Dusitd2 Feydhoo Maldives, Shimad stated that STO not receiving the money they are owed is a point of concern to their shareholders every year. And so, he stated that STO has received MVR 1 billion from the total owed to them by Fenaka via the efforts from President Dr. Mohamed Muizzu, the President's Office and the Ministry of Finance and Public Enterprises.

Fenaka's debt to STO stems from a lack of fuel payments. During a previous interview given to Mihaaru News, STO CEO Shimad had said that Fenaka owed STO MVR 1.9 billion.

Shimad also said that Fenaka had not paid STO for fuel since 2021. At the time, he said that the lack of payments from Fenaka had caused STO difficulties.

In regards to shareholder concerns throughout recent years, Shimad said last night that it included the STO Hulhumale' hotel project, and that a proper solution had been found. He said that they have received a 41,000 square foot plot near Hiyaa Tower 16 in Hulhumale' Phase 2 for the cost of the project.

Shimad assured shareholders that the company continues to listen to their complaints, concerns and ideas, and that they continue to find solutions as well.