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MTCC owed MVR 300 million: CEO

Shahudha Mohamed
23 June 2019, MVT 21:41
From the press conference held by Maldives Transport and Contracting Company (MTCC). PHOTO: NISHAN ALI/ MIHAARU
Shahudha Mohamed
23 June 2019, MVT 21:41

Maldives Transport and Contracting Company (MTCC)'s CEO Hassan Shah stated that the company is yet to receive MVR 300 million for various projects.

At a press conference held to discuss the details of the company's ongoing activities, Shah stated that MTCC currently has to repay loans worth MVR 600 million.

Noting that most of MTCC's projects were conducted through Ministry of National Planning and Infrastructure, Shah disclosed that the ministry owed the largest amount to the company.

"Our biggest client is Ministry of National Planning and Infrastructure. Our biggest outstanding is also with the same ministry. Although the payments are delayed, we are receiving them", Shah said.

The CEO further affirmed that delay in payments were not affecting the company's projects.

According to Shah, 24 projects were currently in progress including Hoarafushi Airport in Haa Alif Atoll, Maavaru Airport in Gaafu Dhaalu Atoll, and Faresmaathodaa Airport in Gaafu Dhaalu Atoll.

Department Head of MTCC's construction projects Ahmed Latheef revealed that the Hoarafushi Airport project will reach completion within this year.

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