13 state-owned companies fail to complete 2024 audits amid financial decline
Among the companies that have not completed audits for the years 2022, 2023 and 2024 are RDC, WAMCO, PSM and BCC. In addition to this, Hajj Corporation has not finalized its audits for 2023 and 2024.
President Muizzu waves to delegation seeing him off at the airport, before boarding a flight
It has come to light that 13 companies operating with public funds have not yet completed their audits for the year 2024.
These companies include some of the most influential state-owned enterprises, which also account for the largest expenditures of public funds.
The 2024 company report released by the Privatization and Corporatization Board (PCB) reveals a concerning trend: the largest government-owned companies are failing to conduct regular audits.
The report indicates that some of these companies have not been audited for up to three years.
Among the companies that have not completed audits for the years 2022, 2023 and 2024 are RDC, WAMCO, PSM and BCC. In addition to this, Hajj Corporation has not finalized its audits for 2023 and 2024.
The companies still lacking completion of their 2024 audits include HDC, MPL, Addu International Airport, STELCO, PSM, RDC, MFMC, WAMCO, BCC, Fahi Dhiriulhun Corporation, TradeNet, Fenaka Corporation and Hajj Corporation.
The PCB report further highlights that the financial condition of many government companies is deteriorating. The failure to complete audits amid declining financial situations is seen as a significant governance issue within these organizations.
Further, the report draws attention to a notable increase in the number of employees in government companies under President Dr. Mohamed Muizzu's administration.
As employee numbers rise, so do the operational expenditures of these companies, which in turn increases their financial burden.
