Public Accounts Committee considers conducting “special audit” of state companies

Parliament’s Public Accounts Committee is to deliberate on conducting “special audits” of all state share-owned public companies. The committee has scheduled debates on the matter for Sunday.

According to the Committee’s Chair Abdulla Jabir, the objectives are to have all state companies operating under the same umbrella group and to find means of liquidating companies that fail to make profit.

“We proposed the audit to bring down costs and strengthen the management of public companies. Members of the committee believe that the audit should study company performances in the past five years,” Jabir is quoted as saying in local media.

“We will be looking into whether there is a feasible way of conducting a “special audit” of such companies. Today, state companies need to be restructured and rebranded. We want to liquidate all companies that do not make any profit, and to place all other companies under a holding company that will then be established,” he continued.

Public Accounts Committee has further decided to summon Auditor General Niyaz Ibrahim and Attorney General Mohamed Anil to Sunday’s meeting.