MTCC seeks probe into shareholder fund misuse

The Maldives Transport and Contracting Company (MTCC) has formally filed a complaint calling for an investigation into alleged misuse of shareholders’ funds by the company’s previous management.

In a statement released Thursday evening, MTCC, describing itself as a shareholders’ company, cited recent audit findings that point to a pattern of financial mismanagement and disregard for shareholder interests.

The company urged relevant authorities to investigate the matter and take appropriate action against those responsible. However, MTCC did not publicly name the individuals or entities implicated.

MTCC pledged full cooperation with investigators to ensure accountability and transparency.

In a related development, the Housing Development Corporation (HDC) announced it has submitted a request for investigation into the alleged embezzlement of MVR 200 million during the administration of former President Ibrahim Mohamed Solih.

Responding to the allegations, Suhail Ahmed, the first managing director of HDC during the previous term, denied any wrongdoing during his tenure. Ahmed Athif, who succeeded him as managing director, also stated he was unaware of any irregularities.

These developments follow the recent conviction of Ahmed Saeed Mohamed, former managing director of Fenaka Corporation, who was sentenced to four years in prison on corruption charges stemming from his time in office under the Maldivian Democratic Party (MDP) government.