Maldives Transport and Contracting Company (MTCC) has stated while it owes over USD 38.710 million for various parties, it is subject to payments of over USD 19.355 million.
In a press conference, CEO Hassan Shah revealed MTCC was unable to secure enough projects by the end of last year resulting in financial challenges. Highlighting several challenges are faced due to the financial issues, Shah said Ministry of Planning and Infrastructure owes the largest amount to MTCC.
Shah added the company have in the recent months received a couple of projects after discussions with government ministries regarding the financial situation. He expressed hope to improve the financial situation of MTCC before the end of the year.
Over the financial loss, MTCC decided to withhold profit of shares from last year.