MACL owed MVR 351 million from Island Aviation

An audit report shows that Maldives Airports Company Limited (MACL) is owed MVR 351 million from Island Aviation Service Limited (IASL).

MACL’s audit report for the year 2021 publicized by the Auditor General’s Office on Wednesday states that the company stood to receive MVR 776,095,937 in total from various companies at the end of 2021.

The largest sum, MVR 351,605,122 accounting for 45 percent of the total receivables, was owed by IASL.

Other companies and their total outstanding are as follows;

• Hulhule’ island Hotel – MVR 28,356,783
• State Trade Organization – MVR 4,598,996
• Maldives Post Limited – MVR 2,765,503
• Addu International Airports Private Limited – MVR 2,557,305
• Others (501 parties) – MVR 386,212,229

As per the audit report, the receivables from IASL dates back to 2016, and is the sum outstanding as of April 17^th, 2023. 72 percent of receivables accounted for unpaid jet fuel uplift invoices.

Notably, 52 percent of MACL’s receivables are from state-owned companies.

The report recommended MACL to better adhere to credit policy and ensure debts are collected on time to make funds available for much-needed operations of the company.