MTCC will not have a debt it cannot bear: Azim

Male' City Mayor Adam Azim, who was the former CEO of Maldives Transport and Contracting Company (MTCC), has stated that any loans taken by the company were for the purposes of implementing projects, and assured that there will not be an amount of debt so high as to impede repayment.

Azim made these comments in response to statements made by the company's current management in a press conference this week, where they claimed that the company had an existing debt of MVR 954 million when the new management took office, in addition to MVR 1.7 billion due to the company in receivables.

Azim stated that when he had assumed his position as CEO of MTCC, agreements had been entered into to run projects worth MVR 12 billion. He said that taking loans were necessary in order to proceed with implementing these projects, and that many projects had been completed in this manner.

"When I was there and left, the company received about MVR 150 million as profit up to the third quarter. They received profits even up till November," he said.

However, Azim claims that he has received information that the company faced losses during December and January.

He alleged that the statements about the status of MTCC today are being made due to the lack of capacity within its current management.

Debt at MVR 954 million when management changed: MTCC

The Edition