State Trading Organisation bankrupt: President Yameen
24 Nov 2013, 4:30 PM
The State Trading Organisation (STO) is bankrupt, President Abdulla Yameen revealed at a rally in Hulhumale on Friday night, according to local media reports.
The state-owned STO is the country’s primary wholesaler, responsible for bringing in the vast majority of basic foodstuffs such as rice and flour, as well as other imported commodities such as electrical goods.
It also imports the vast majority of the Maldives’ oil, used to fuel fishing and transport vessels, diesel generators, air-conditioners and water desalination plants.
The STO sparked fears of an impending oil shortage crisis in early November, after then Managing Director Shahid Ali warned the company would run out of oil as early as November 10 if it did not pay some of its US$20 million debt to suppliers.
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