Azim refutes claims MTCC left heavily in debt

Male’ City Mayor Adam Azim speaks at the signing of an agreement on the establishment of a cat shelter in Hulhumale' on January 25, 2024. (Photo/Infinite Moments/Ahmed Aiman Latheef)

Adam Azim, the former CEO of Maldives Transport and Contracting Company (MTCC), has denied claims the company was left heavily in debt at the end of the last administration.

He issued the denial in a post on X on Tuesday night, in response to a media report which quoted MTCC’s new management as saying that the company was around MVR 1 billion in debt.

Azim, who was elected as the Male’ City mayor in January, dismissed it as a “false news report.”

He said that the MTCC regularly publishes reports by international audit firms.

“They report an average of MVR 200 million in profits,” he said.

Refuting the allegations made by the new management, Azim urged them to “provide true information when running a public limited company.”

“They are discrediting a company that so many people own shares in because they do not have any love or respect for the company,” he said. “There will not be such a great debt. Even if the MVR 1,700 million owed is recovered and the debt is covered with that, MTCC will still have at least MVR 1,000 million in cash. I ask that you find this soon.”

MTCC’s new management held a press briefing last week, during which they said the company was heavily in debt, and was owed MVR 1.7 billion in outstanding payments – mainly for government contracts.