Parliament Committee to Investigate Payments Owed to SOEs

The Public Accounts Committee of Parliament has resolved to seek details of all pending payments owed to State-Owned Enterprises (SOEs), following a proposal by Funadhoo MP Mohamed Mamdhooh (PNC), which was seconded by Central Hithadhoo MP Ahmed Azaan (PNC) during a committee meeting.

This decision comes as the committee has begun reviewing the financial obligations owed to SOEs by various parties. Discussions at the meeting also centred on MVR 1.2 billion owed to the Housing Development Corporation (HDC), of which MVR 900 million is attributed to private companies.

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SOEs collectively earned a profit of MVR 6.4 billion last year, though the bulk of this was generated by only five companies. Among the 30 SOEs, 15 reported profits, while the other half incurred losses amounting to MVR 660 million.

The companies facing the most significant financial challenges include the Road Development Corporation (RDC), Regional Airports Company Limited (RACL), Addu International Airport Company, Island Aviation, Public Service Media (PSM), Hajj Corporation, and Fahi Dhiriulhun Corporation (FDC).

The committee’s efforts to assess the financial health of SOEs highlight ongoing concerns about the sustainability of certain enterprises and the broader need for efficient management of public funds.