Government owed over MVR250 million in unpaid dividends, audit reveals
21 Mar 2014, 11:00 AM
The government is owed MVR256.9 million (US$16.6 million) in unpaid dividends from state-owned enterprises, the audit report of the Ministry of Finance and Treasury for 2012 has revealed.
In the report (Dhivehi) made public yesterday, Auditor General Niyaz Ibrahim recommended collecting the dividends within a period of one month.
The unpaid dividends include MVR5.1 million (US$330,739) owed by Island Aviation Services, MVR78.9 million (US$5.1 million) owed by the Malé Water and Sewerage Company, MVR167.8 million (US$10.8 million) owed by the State Trading Organisation (STO), and MVR5 million (US$324,24) owed by the Maldives Transport and Contracting Company (MTCC).
The auditor general also recommended regularly monitoring the finances of government-owned companies, seeking audited financial statements within six months of the end of the financial year, and collecting dividends without delay.
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