Three names shortlisted for MTDC Directors Board do not meet criteria

The Capital Market Development Authority (CMDA) has notified Maldives Tourism Development Corporation (MTDC) to cancel three out of fifteen names shortlisted to be appointed as Board of Directors of the Corporation, as they do not meet the criteria.

A letter has been sent in this regard by CMDA to the Managing Director of MTDC, Mohamed Matheen.

The Board of Directors of MTDC comprises of nine members, out of which five members are general shareholders, while the remaining four members are representatives of the government.

The letter explains that the announcement in search of Board of Directors of MTDC states that applicants must hold a minimum of fifty shares of the company, a criteria not met by the three aforementioned applicants.

CMDA also notified MTDC that it had received information that the three applicants had included false information in the application forms.

CMDA therefore requested MTDC to cancel their applications, and announce this accordingly.

MTDC will hold its Annual General Meeting on Sunday night, during which shareholders will vote to elect the five shareholders to be included in the Board of Directors.