State-owned companies with poor track records do not audit regularly

Dec 30, 2024, 2:06 PM
Graphics: Ismail Imdhad/ Adhadhu

Graphics: Ismail Imdhad/ Adhadhu

State-owned companies that rely on the state budget and have a poor track record are not audited regularly, according to information released by the Auditor General's Office.

According to the SOE Audit Status released by the Audit Office, 11 out of 31 state-owned companies had done audits by the end of 2023 while nine companies had conducted audits up to 2022.

The remaining companies have not been audited for the past two and three years. Most of the companies did not conduct audits for 2022 and 2023. The companies are:

  • Agro National Corporation (two years)
  • Business Center Corporation (three years)
  • Fenaka Corporation (two years)
  • Kadhdhoo Airport Company (three years)
  • Maldives Fund Management Corporation Capital Limited (two years)
  • Maldives Hajj Corporation (two years)
  • Maldives Integrated Tourism Development Corporation (two years)
  • Public Service Media Corporation (three years)
  • Regional Airports Company (two years)
  • Road Development Corporation (three years)
  • Waste Management Corporation (two years)

A special audit of Public Service Media (PSM), one of the companies that has not conducted audits for the past three years, revealed that millions have been embezzled in the name of exchanging dollars.

Former PSM Finance Director Ahmed Haneef is accused in the case being investigated by the Anti-Corruption Commission (ACC).

Meanwhile, the Road Development Corporation (RDC) is currently under police investigation for corruption of MVR 14 million. RDC said the money was used to pay salaries to employees and as petty cash.

The accused are former Managing Director Moosa Ali Manik (Mookay) and former Chief Financial Officer Yasir Hassan. Police also allege that former ruling Maldivian Democratic Party (MDP) leaders were involved in the corruption.

Fenaka, which has not done audits for two years, has been plagued by corruption since its inception. The company is mostly tainted due to corruption during procurement.

The Prosecutor General's (PG) Office has recently pressed charges against the company's former Managing Director Ahmed Saeed and Procurement Head Mariyam Dheena Saalim. The two are charged with abuse of official position.

The other companies without regular audits are also those that have faced many problems. These are companies that cover their operating expenses directly from the state budget due to poor finances.

These include the Maldives Sports Corporation, Agro National Corporation and Maldives Integrated Tourism Development Corporation.

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