Govt begins process to liquidate MITDC

The Ministry of Finance on Tuesday announced the commencement of the process to hire a liquidator for the winding up of the Maldives Integrated Tourism Development Corporation (MITDC).

MITDC was established during the administration of former President Abdulla Yameen to develop medium-sized tourism projects.

The government has since decided to transfer MITDC’s ongoing work and projects to the Maldives Fund Management Corporation (MFMC).

The Cabinet approved the abolition of MITDC on 1 September 2024 as part of a programme to reduce costs through the restructuring of state-owned enterprises. However, the process was delayed due to pending legal matters related to the L. Baresdhoo tourism project.

In a letter sent to Parliament last year, the Ministry of Finance said MITDC had not been operating in a manner consistent with the objectives for which it was established. The ministry said the company should be liquidated under the government’s expenditure reduction policy.

After considering the letter, a parliamentary committee decided to continue monitoring MITDC’s operations until the company is formally dissolved. The committee also instructed the Ministry of Finance to provide full information on the matter.

The Ministry of Finance has invited bids from parties interested in undertaking the liquidation of MITDC. Submissions will be accepted until 1:30 pm on 29 January.