Govt injected MVR530 mln to rescue 'bankrupt' fisheries firm

Maldives government had injected MVR530 million to rescue the debt laden state fisheries company, finance ministry confirmed Monday.

Finance ministry in a statement said the current government since taking office in 2013 had put in a lot of effort to turn around the fortunes of Maldives Industrial Fisheries Company (MIFCO).

"In that regard, the money injected into MIFCO throughout the past few years amount to MVR529.6 million," the statement said.

The government had decided to take over Maldives Industrial Fisheries Company (MIFCO) in 2016, disclosing that the mismanaged company had amassed a staggering MVR300 million debt.

State Trading Organisation (STO) had announced its decision to convert the debt laden state fisheries company into one of its subsidiaries, and vowed a turnaround of fortunes.

Finance ministry defended the continued bailout of the company insisting that the financial fortunes of MIFCO was directly linked to local fishermen.