A case of former Managing Director of State Electric Company Limited (STELCO) Ahmed Shareef of signing a settlement agreement resulting in MVR 7 billion loss to the company has been lodged at Anti-Corruption Commission (ACC).
A case of former Managing Director of State Electric Company Limited (STELCO) Ahmed Shareef signing a settlement agreement resulting in MVR 7 billion loss to the company has been lodged at Anti-Corruption Commission (ACC).
Local news agency, Mihaaru News reports that the issue of the company's former management signing a concession to funnel USD 7.8 million (MVR 120 million) in compensation to China's Dongfang Electric International Corporation (DEC) on September 14, 2023 was also raised with the parliament in late July.
The signed agreement imposes heavy losses over STELCO, alleged the letter delivered to the parliament, adding that it also breached instructions issued by the parent body of state agencies, Privatization and Corporatization Board (PCB).
STELCO appealed the ACC for an investigation amid the preceding month over suspicions that the agreement was signed after deceiving the company's board, reports Mihaaru.
It was also revealed that the agreement allows no leeway for avoiding the determined payment. Former MD of the preceding administration, Shareef had signed the settlement agreement ensuring payments to the Chinese company at the end of the government's tenure under claims of compensating losses incurred during the Covid-19 pandemic.
Meanwhile, STELCO has yet to issue a statement addressing the case.
Sign In