Parliament to seek details of payments owed to SOEs

Public Accounts Committee of Parliament has decided to seek details of all pending payments owed to State Owned Enterprises (SOEs).

This was proposed by Funadhoo MP Mohamed Mamdhooh in yesterday's committee meeting, which was seconded by Central Hithadhoo MP Ahmed Azaan.

While the committee has commenced efforts to seek details of payments owed by various parties to SOEs, the committee also discussed yesterday the issue of MVR 1.2 billion being owed to Housing Development Corporation. This includes MVR 900 million owed to HDC by private companies.

SOEs received a total profit of MVR 6.4 billion last year, but the majority of this was earned by five companies.

Of 30 SOEs, 15 earned profits last year. The remaining 15 faced losses reaching MVR 660 million.

The highest losses were faced by Road Development Corporation (RDC), Regional Airports Company Limited (RACL), Addu International Airport Company, Island Aviation , Public Service Media (PSM), Hajj Corporation and Fahi Dhiriulhun Corporation (FDC).