MTCC calls for probe into mishandling of shareholders' funds

Maldives Transport and Contracting Company (MTCC) has stated that they have requested for investigations into the mishandling of shareholders' funds, which had been flagged in earlier audit reports. 

MTCC stated that, as a shareholder-owned company, past audit reports have revealed instances of mismanagement of shareholder funds. 

They stated that they have appealed to relevant authorities to investigate this, and recover the shareholder funds from those found to have been negligent. 

MTCC affirmed its full cooperation with the investigation and subsequent legal proceedings. 

MTCC, however, did not disclose the amount of funds involved, nor name those they believe to be responsible. 

MTCC's statement follows an announcement from Housing Development Corporation (HDC) yesterday, where they have initiated investigations into corruption involving MVR 200 million between 2019 and 2023.