Utility companies owe us MVR 350 million: STO

The State Trading Organisation (STO) stated Thursday that the utility companies are close to MVR 350 million in debt to the state-owned company through the purchase of fuel using credit, reports local media.

In a press conference held in Velaanaage, Managing Director of STO Shahid Ali said that obtaining payments from the utility companies was a continuously problematic issue, but that he had observed it to be more difficult after December 2011.

Shahid also said that since the government held shares in STO, it required similar concessions as other government-owned companies.

Shahid said they are now undertaking discussions with relevant government authorities and the utility companies to settle the outstanding payments.


One thought on “Utility companies owe us MVR 350 million: STO”

  1. Stelco thief Yamin wants to get his cut, he cannot steal money as it is. so he wants to cut off the electricity subsidy to the public.


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