Public Accounts Committee to assess MTDC

The Parliament Committee on Public Accounts has decided to assess the financial situation of Maldives Tourism Development Corporation (MTDC).

The Parliament Secretariat said in a statement today that assessing the financial situation of MTDC had been put on the committee’s agenda. It said that discussions will also be held on measures to be taken to improve the company’s financial situation, as well as on MTDC’s response to the change in land rent following the revisions to the Tourism Act.

The statement further stated that all relevant information related to MTDC had been obtained by the Public Accounts Committee, and that the work will begin as soon as this year’s second session of the parliament is under way.

MTDC made a loss of $7 million in 2012, and a loss of $965,000 in 2011. The company’s shareholder capital went from $40 million in 2011 to $34 million by the end of 2012.