The Maldives Road Development Corporation (MRDC) had over MVR 171.7 million due to be received when the corporation was liquidated, it has been found.
According to the Finance Ministry's 2019 Financial Audit report, which was publicized by the Auditor General's Office this month, MRDC was last audited for the financial year 2017. At the time, MVR 171.7 million was due to be paid to the company.
The Finance Ministry's audit report noted that the company has not attempted to recover any money due to the company even after the decision to liquidate the company. Receivables include MVR 21.5 million from public parties and MVR 74.5 million from some companies. MVR 18.1 million for retention and MVR 8.1 million for refundable deposit were also not received.
The President's Office sent a letter on January 22, 2018, to liquidate the 100 percent government-owned MRDC. Following the decision to liquidate MRDC, an agreement was signed on May 20, 2018, between MRDC and a liquidation firm.
The agreement states that the liquidator is responsible for preparing accounts of the assets and liabilities of the company, holding and controlling the company's assets, and recovering the money due to the company. However, the audit report noted that the liquidator had not prepared a report on MRDC as per the agreement.
