Two leading state-owned companies have formally requested investigations into suspected financial irregularities and potential corruption under previous leadership, according to official statements issued this week. The Maldives Transport and Contracting Company (MTCC) and the Waste Management Corporation (WAMCO) have submitted audit findings to national oversight bodies, signalling a broader reckoning with mismanagement across government-linked institutions.
MTCC, a cornerstone of the country’s infrastructure development, disclosed that it has asked investigative authorities to examine issues flagged in its internal and external audit reports from prior years. The company cited negligence in the handling of shareholder funds and called for a formal inquiry to recover the misused assets from those deemed responsible.
Founded in December 1981, MTCC pledged full cooperation with the investigation and affirmed its commitment to ensuring that any individuals found culpable are brought before the courts. Over the past 44 years, the company has grown into the Maldives’ largest civil and marine contractor and the leading provider of land and sea transportation services, playing a central role in the development of national infrastructure.
WAMCO has taken a similar course of action. The company announced that it has submitted findings from its internal audits to three separate authorities: the Maldives Police Service (MPS), the Anti-Corruption Commission (ACC), and the Auditor General’s Office (AGO). According to its statement, audits conducted in previous years uncovered actions that “pave the way for corruption” and contravene financial regulations. These violations were attributed to the corporation’s “previous managements”.
Established in 2016 to oversee the nation’s waste management, WAMCO confirmed that it has already provided supplementary documentation requested by the authorities. The company reiterated its commitment to transparency and pledged to ensure that any individuals implicated in corrupt practices are held accountable under the law.
The disclosures from MTCC and WAMCO come amid heightened scrutiny of state-owned enterprises. Authorities have acknowledged the emergence of major corruption cases across several government-linked companies. A recent special audit report revealed significant embezzlement within Fenaka Corporation, a utility provider, during the tenure of the previous administration.