A proposal to dissolve the Maldives National Shipping Limited (MNSL) has been approved by the company’s board members as the group looks to settle any outstanding debts before ceasing operations.
Haveeru reported that the MNSL board had decided to discontinue its operations after settling the outstanding debts as part of a two stage shut down of the company.
Group Managing Director Ahmed Hameed said that the company would cease to exist under its current name once debts estimated to amount to US$8 million were settled through a sell-off of assets like cargo ships.
With the Maldives Star, MNSL’s only currently registered cargo ship on its way for India for a possible Rf2.1 million sale, Hameed claimed that the debts were expected to settled, according to the paper.
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Really. A whole ship for less than $200K. Where are all their other ships? And how much were they sold for????
I thought this used to be a profitable buniness...what happened?
the $8 Mil comes out of our pockets as this is a 100% Gov owned compan. The cost of rebuilding MNSL, from Rf 123 mil down to profit will take more investment.
Keeping this company as a strategic asset of an export dependent nation has merit only if the the private sector is incapable of doing the job.
The opportunity cost may just not be worth it.