Maldives government has handed over the island of Thaa atoll Funaddoo to MIFCO to recommence fish collection and processing operations.
The Chief Executive of MIFCO Mr. Ismail Fauzy confirmed that the corporation was handed over with the island sometime during early March 2022.
Moreover, Mr. Fauzy had attested that the government settled the island's acquisition cost to the bank before the handover.
Bank of Maldives seized the island after Funaddoo Tuna Products Private Limited failed to settle its outstanding loans, after which the Maldives state sought potential corporations capable of operating the fish processing facility.
Meanwhile, Mr. Fauzy noted that due to lengthy idle-period, most of the establishments on the island have become rundown. He further added that MIFCO will be required to engage in heavy renovation before the facility can be brought back into operation.
Among the components that require immediate attention, Mr. Fauzy noted the island's harbor requires significant renovation as well as the blast-freeze.
Moreover, Mr. Fauzy assured that the entire renovation process will likely conclude after 10 months; should the corporation not run into any unprecedented financial detriments.
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