MTCC: rectification underway on former management's errors

Maldives Transport and Contracting Company (MTCC) has said it is currently working on rectifying the errors made by the previous management.

Chief Executive Officer of MTCC Abdulla Ziyad said on Wednesay, the company's fiscal conditions were undesirable while its projects have slowed.

Ziyad also said its Raajje-Transport Link (RTL) integrated ferry network service was falling short of adequacy owing to shortage of vehicles.

He however, assures the ongoing projects will proceed according to their original scope despite the challenges. Ziyad also addressed the importance of expanding its trading activities without complete reliance on developmental projects.

Speaking on MTCC's prospective plans, Ziyad said the company will have a stake in Maldives fishing industry, and said details will be shared later.

The company's Chief Project Management Officer Ahmed Latheef detailed on the ongoing projects, and said MTCC was engaged in 195 initiatives when the new management took over. He added three of these projects concluded in last three months.

Ahmed also said that 123 of these projects were already underway while 69 projects have not been mobilized yet.

He further highlighted the previous government launched 15 initiatives without acquiring permission from relevant authorities, and the total of these projects reach close to MVR 200 million. He said the company was now in talks with relevant parties to resolve the complications tied to these projects.

Additionally, Ahmed said three out of the five barges in operation have sunk when the new management took charge, and stressed on the logistical challenges in using only two barges to deliver supplies and equipment across the country.

MTCC is currently in talks with relevant financial institutions to seek financing to resolve the challenges.

At the time the new management took charge, MTCC's dredger, 'Mahaa Jarraaf' was in poor condition. Ahmed said the dredger was grounded for 20 months since June 1, 2022 due to over utilization, and the recurrent expenditure for the rental dredger was draining the profits.