Managing Director of State Trading Organisation (STO) Hussain Amr has said STO suffered a loss of USD 30 million when Maldives Industrial Fisheries Company (MIFCO) was incorporated under STO.
Addressing fishermen in Thinadhoo in Gaafu Dhaalu Atoll, Hussain Amr said MIFCO was bankrupt when it was incorporated under STO. Amr said expressed STO suffered a significant loss of USD 15 million from the fuel sold to MIFCO alone. He revealed MIFCO was incorporated during a phase in which STO was also facing losses. He added efforts are under way to transform MIFCO to a profit generating company, assuring the company has the capabilities and means.
MIFOC was incorporated under STO in 2016.
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