Division of MIFCO “mistreatment of state resources”, says Auditor General
16 Feb 2015, 3:57 PM
Hassan Mohamed
With additional reporting by Daniel Bosley and Ismail Humaam Hamid
Splitting the Maldives Industrial Fisheries Company Limited (MIFCO) into three competing companies was a “mistreatment of state resources”, says a report from the auditor general.
MIFCO was divided into three companies in 2010, with the introduction of Kooddoo Fisheries Maldives Limited and Felivaru Fisheries Maldives, before President Abdulla Yameen reversed the decision last year.
“Even after the split the main business of these three companies [MIFCO, Felivaru and Koodoo] was the buying and selling of fish which resulted in competition amongst each other,” the audit report read.
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