MTCC incurred MVR 13M loss over termination of Rasrani Bageecha contract

Maldives Transport and Contracting Company (MTCC) says it incurred a MVR 13 million loss over the termination its contract to develop the Sultan’s Park.

MTCC was contracted to develop Sultan’s Park in 2016, but the contract was later terminated and the project handed over to the MNDF welfare corporation SIFCO.

MTCC’s directors were quizzed by shareholders regarding the projects it incurred losses in at the company’s annual general meeting last Monday evening.

One of the projects the directors were quizzed about was the Sultan’s Park project.

In response to the question, CEO Hassan Shah said the contract for the project was terminated by the former administration midway through the project.

“MTCC incurred a massive loss from the project. MTCC incurred a loss of approximately MVR 13 million,” said Shah.

Sultan’s Park was developed and re-opened as Rasrani Bageecha in 2017.