Maldives Transport and Contracting Company (MTCC) announced the termination of its Chief Financial Officer (CFO) Mohamed Hilmy, on Thursday.
MTCC stated that the decision was taken by the company's Board of Directors, but did not disclose further details.
However, local newspaper Mihaaru reported that MTCC's board also terminated Ismail Adhuham, the General Manager, Trade.
According to the media, MTCC dismissed Hilmy after an audit report noted that he had granted guarantees for an entity in violation of the MTCC's corporate policy.
Meanwhile, Adhuham had allegedly issued credit in contravention of the company's trade and credit policies. MTCC is yet to officially confirm his dismissal.
The former CFO and GM, Trade had served in MTCC for a period of 10 and six years respectively.