Maldives Transport and Contracting Company (MTCC) – one of the largest state-owned enterprises in the Maldives – asked for more time again on Sunday to publicize their financial report for the third quarter of this year.
All public listed companies are required to publicize their financial report for Q3 – which runs from July to September - by October 31.
However, the MTCC failed to meet the deadline, and on November 4, they requested the Capital Market Development Authority (CMDA) to have the deadline extended to November 10. But on November 10, the company said they had asked the CMDA to extend it to December 20.
In an announcement published on the Government Gazette on Sunday, the MTCC said they were unable to meet the deadline either, and have asked the CMDA to extend the deadline to December 30.
The MTCC has not commented on a reason for the delay.
There has been growing public concern regarding SOEs, primarily regarding the high state spending on loss-makers, the prevalence of corruption, and the political favoritism, nepotism and cronyism in the hiring process.
The Q1 review released by the Privatization and Corporatization Board (PCB), SOEs accumulated total MVR 37.08 billion in debt by the end of the year’s first quarter.