Maldives to dissolve MITDC, AgroNet companies
The decision to liquidate MITDC and Agronet was taken as a cost-cutting measure, as part of the cabinet’s decision on Sunday.
The government has decided to liquidate two government companies, the Maldives Integrated Tourism Development Corporation (MITDC) and the AgroNet Corporation.
The decision to liquidate MITDC and Agronet was taken as a cost-cutting measure, as part of the cabinet’s decision on Sunday to make changes to state-owned companies.
The President’s Office said:
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MITC, which was established by President Abdulla Yameen's government to develop medium-sized tourism properties, has been dissolved and the works and projects entrusted to the company will be transferred to the Maldives Fund Management Corporation (MFMC).
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After the abolition of Agronet, which was established by the government of President Ibrahim Mohamed Solih to market and sell farmers' produce, its operations will be transferred to the Maldives Industrial Development Free Zone Company
The cabinet has also decided to complete the liquidation of the companies before the end of this year, the President's Office said.
AgroNet is a subsidiary of Fund Management Corporation. The Free Zone Company, which will replace AgroNet, was established by the government to work with a Chinese company in the northern part of the country.
The figures provided by the Ministry of Finance on Monday at the request of Atoll Times under the Right to Information Act show that since President Mohamed Muizzu took office in November till June:
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AgroNet has been allocated MVR 33.3 million from the direct budget as capital
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MITDC received MVR 8.1 million during the period
According to the Privatisation and Corporatisation Board (PCB), which oversees companies, MITDC had 13 employees. It is unclear what will happen to the employees of the liquidated companies.
The financially troubled Fenaka Corporation was transferred to STO last week. From next January, Fenaka will be operated as a subsidiary of STO.
The cabinet on Sunday decided on:
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Merger of the Maldives Airports Company Limited (MACL) and Regional Airports Company Limited (RACL) by the end of January
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Merger of the Fahi Dhiriulhun Corporation (FDC) with the Housing Development Corporation (HDC)
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Consolidation of the Maldives Fund Management Corporation with the Business Center Corporation (BCC)
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Designating existing AgroNet as part of Maldives Industrial Development Free Zone Company
