Day: November 1, 2012

STO, MTCC release third quarter earnings

The State Trading Organisation (STO) made a net profit of MVR104 million (US$6.7 million) in the third quarter of 2012.

According to STO’s income statement for the quarter that ended on September 30, the government company’s turnover was MVR 1.8 billion (US$117 million) while it made an operating profit of MVR 187 million (US$12 million).

Operating profit for 2012 so far stands at MVR 345.5 million (US$22 million).

Meanwhile, the Maldives Transport and Contracting Company (MTCC) reported a profit of MVR 3.8 million (US$246,433) after taxes.

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New deputy prosecutor general appointed

Prosecutor General (PG) Ahmed Muizz has appointed Deebanaz Fahmy as his new deputy following the resignation of former Deputy Prosecutor General Hussain Shameem.

Newspaper Haveeru reported yesterday that Deebanaz, formerly an attorney at the PG office, is the daughter of Assistant Prosecutor General Ahmed Hameed Fahmy.

An official from the PG office told the newspaper that Deebanaz has been working in prosecution for nine years.

Former Deputy PG Hussain Shameem confirmed to Minivan News earlier this month that he had left his post as Deputy Prosecutor General in order to pursue further education in the United Kingdom.

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Man sentenced to two year’s banishment for stealing RAM from mother’s computer

The Criminal Court on Tuesday sentenced a man to two years banishment for stealing two pieces of RAM from his mother’s computer.

According to the Criminal Court, Ahmed Arushad, of Male’ municipality special register 5269, confessed to stealing the memory chips from his mother Waleedha Abdulla’s computer at Henveiru Madhoshimaage on January 7, 2012.

The court noted that this was Arushad’s second conviction and banished him under article 131(a) of the penal code.

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Parliament rejects resolution on MVR 300 million BML loan

Parliament yesterday rejected 27-17 a resolution submitted by Maldivian Democratic Party (MDP) MP Ahmed Sameer calling for an inquiry into the government borrowing MVR 300 million (US$19.5 million) from the Bank of Maldives.

The loan was obtained without parliamentary approval as required by the Public Finance Act.

The government had previously told local media the the BML loan was borrowed instead of US$65 million loan programme previously approved by the Majlis for budget support, and contended that further approval from parliament was therefore not required.

However, Counsellor General Fathmath Filza told the Finance Committee that the US$65 million loan was only to be borrowed from foreign lenders and that the government has to seek parliamentary approval before borrowing from a local bank as per the Public Finance Act.

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