Spokesperson: Incoming administration will not privatize companies any further

President elect Dr. Mohamed Muizzu’s Spokesperson Firuzul Abdulla Khaleel, on Thursday, said the incoming administration has no plans to further privatize any state-owned and shareholding companies than their current extent.

At a press conference on Thursday, Spokesperson Firuzul briefed the media on information gathered by transition committees on utility companies and concerns they have taken note of. The companies included STELCO, WAMCO, Fenaka and MWSC.

Main concerns raised by the spokesperson were with respect to the administrative and financial decisions of the companies.

However, he said state companies with shares of private companies had made more cohesive decisions in comparison.

“We have noticed that, in comparison, they (state companies with shares of private companies) have performed much better with respect to corporate governance matters, board’s decision and such works,”

In light of this, he said the status of other companies can be improved if corporate governance is strengthened.

When asked by Sun whether the incoming administration will further privatize state companies to strengthen their corporate governance – Firuzul said the incoming administration has no such plans.

“We believe the existing system, as a whole, should be considered in a new light. In this trajectory, I note that we are now exploring how the system is currently shaped and what changes need to be made. But this does not include further privatizing any of the existing companies within the state umbrella,” he said.

Firuzul said the incoming administration, after assuming office, will commence efforts to further strengthen the state companies and their independence, with a focus on enhancing its financial and administrative operations.

He said this will include settlement of all payments owed to small businesses by statement companies in addition to reforming the structure of utility services provided by the state and expediting projects that are presently underway.