MTCC made annual loss of US$5.7 million, claims Finance Committee Chair

The Maldives Transport and Contracting Company (MTCC) recorded an annual loss of Rf89 million (US$5.7 million) for 2011, parliament’s Finance Committee Chair MP Ahmed Nazim revealed this week.

Local daily Haveeru reported that Nazim revealed the figure at yesterday’s Finance Committee meeting based on information requested through the parliament secretariat.

Nazim further claimed that the company finances showed losses of US$2.7 million with no documentation on the loss-making transactions.

However Nazim’s proposal to table the issue in the Finance Committee agenda did not receive support from a majority of MPs on the committee.

In lieu of inquiring into MTCC finances, Haveeru reported that the MPs urged the chairman to bring the report reviewing the government’s pay structure to the committee for a final decision before submission to the Majlis floor.