Co-chair of Economic and Youth Council of President’sOffice, Fisheries and Agriculture Minister Dr. Muhammad Shainee have said that MIFCO went bankrupt because MDP government did not compensate for the assets they took away from MIFCO.
Speaking to the press at the President’s Office today , Dr. Shainee said that MDP government split up MIFCO and made two new companies and gave away the assets of MIFCO to the newly formed companies without compensating MIFCO.
Dr. Shainee successfully ran MIFCO as its former chairman.
“Even the fish was taken out of the country to can. MIFCO did not benefit anyway from this. The fish bought by Kooddoo was taken to Thailand instead of giving it to Felivaru and then it was sold to Maldivians after canning it in Thailand” said Dr.Shainee.
Dr.Shainee said that all these changes were brought against all required regulations. “The only thing they did was taking away MIFCO’s assets. Not even 1 Rufiyaa was given as compensation.
Because of this MIFCO was running at a loss during Nasheed’s three years “said Dr. Shainee. He further said that no boats of MIFCO were not repaired or serviced in the next two years either. “Because of this the boats were getting damaged and becoming more inefficient” said Dr. Shainee.
Dr. Shainee said that new changes have been brought to MIFCO now because, without these reforms it will not be possible to run MIFCO anymore.
Speaking at the press conference, Finance Minister Munavvar said that Government”s own MIFCO is in huge debt and the government will pay back those debts on behalf of MIFCO. “The situation now is that, the debt is increasing day by day and they are not able to repay it. We are really concerned about it. Hence this decision is a much needed decision. Even IDB is ready to provide financial aid but that can be done only with a change like this.” said Minister Munavvar.
MIFCO went bankrupt because MDP government did not compensate for the assets taken away from MIFCO: Dr. Shainee
