Public Service Media (PSM) has settled MVR 30 million of the MVR 78 million owed to Business Image Group (BIG) by Maldives National Broadcasting Corporation (MNBC).
In 2016, the Civil Court sentenced MNBC, the state media company established under President Mohamed Nasheed’s administration, to pay MVR 78 million to BIG.
Ali Khalid, the Managing Director of PSM, told local media Mihaaru that the Privatisation and Corporatisation Board ordered PSM to pay off the debt of the now defunct MNBC.
The Civil Court initially ordered MNBC to settle MVR 5 million with BIG in accordance with the agreement signed between the two companies in 2010. The amount increased to MR 78 million due to late payments.
According to Khalid, a proportion of the debt was paid off after coming into an agreement between the Ministry of Finance and MNBC.
Khalid revealed that PSM's total debt amounted to MVR 14 million, owed to several independent companies. Furthermore, the company is also in debt to two state firms: MVR 24 million to State Electric Company, and over MVR 1 million to Fenaka Corporation.
Khalid stated that his biggest concern was the debt to independent firms. PSM is currently holding talks with some of the government companies to settle the debts.
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