9 state-owned enterprises go into liquidation, including Felivaru and Kooddoo

Finance Ministry has announced that nine state-owned enterprises have been assigned for liquidation. 

The enterprises on the liquidation list released by Finance Ministry this Wednesday includes Felivaru Fisheries Maldives and Kooddoo Fisheries Maldives - both of which own fish factories.

The list also includes Maldives National Broadcasting Corporation (MNBC) – established during former president Mohamed Nasheed’s administration, and Works Corporation – which was established to manage infrastructure development projects such as construction of roads and harbors. 

Other enterprises under liquidation are Madivaru Holdings, Gan Airport Company, Maldives Road Development Corporation (MRDC), Hazana Maldives, and National Investment Management Company. 

Finance Minister Ibrahim Ameer has previously stated that of the 31 state-owned companies in operation, only a handful a run at a profit.  

The latest financial performance report of state-owned enterprises released by Privatization and Corporatization Board (PCB) shows five enterprises did not generate any income at all in Q1 2021.