Firuzul: No financial audit of WAMCO carried out since 2020

Office of the President Elect, underscoring no financial audit of WAMCO has been carried out since 2020, has emphasized the absence of a comprehensive business plan to run the company during the current administration.

At a press conference on Thursday, the Spokesperson of the Office of the President Elect, Firuzul Abdulla Khaleel briefed the media on issues the office had taken note of with respect to utility companies.

WAMCO’s financial status as per the Office:

• Total debt: MVR 226 million
• Capital needs to be injected by the government

Firuzul cited WAMCO as a company that the government needs to inject funds into, monthly, in order to manage its expenses. Therewith, he said the losses incurred by the company are increasing day by day.

Firuzul stressed the absence of a business development plan for WAMCO.

He also said the Office has taken note of the fact that no financial audit of WAMCO has been carried out since 2020. In addition to this, he also said the company’s inventory and stock have not been maintained properly.

“As a result, the fleet they utilize to provide services has become old and needs to be significantly repaired,” he added.

Firuzul said the current practice was to immediately acquire items to fix a machinery once it breaks, which has led to the company’s expenses increasing, without any controlling measures in place.

He noted that positive results can be generated from waste with a comprehensive plan and modern technology. Citing the possibility of changing the outlook with respect to waste from negative to positive, he said the incoming administration will work to achieve this.

WAMCO is a company established during former president Abdulla Yameen Abdul Gayyom’s administration.