The Maldives Transport and Contracting Company (MTCC) has announced that it has formally requested a full investigation into the alleged misuse of shareholders’ funds, following findings highlighted in recent audit reports.
In a statement issued to its investors, the state-linked company stressed that safeguarding shareholders’ interests remains a top priority. The company said the audit reviews uncovered instances where funds were not utilized in line with shareholder value, prompting management to seek accountability and recovery of the amounts in question.
“MTCC is owned by its shareholders, and it is our duty to ensure their investments are protected. We have requested the relevant authorities to pursue a proper investigation into these matters and to recover funds misused, holding responsible parties accountablepast k” the statement read.
The company added that it will extend full cooperation to regulatory and judicial bodies throughout the process, ensuring transparency and supporting efforts to bring individuals before the courts if necessary.
MTCC’s latest move underscores a broader effort among Maldivian state-owned enterprises to strengthen governance, enhance financial accountability, and restore investor confidence. The company—widely recognized as the largest public infrastructure contractor in the Maldives—plays a pivotal role in national projects, including harbour development, reclamation works, and inter-island transport.
By committing to transparency in its handling of the issue, MTCC is signaling its intent to reinforce shareholder trust while aligning with international standards of corporate governance.
