MTCC fined for failure to submit financial statements
4 އޯގަސްޓު 2026 | އަންގާރަ 07:11The Capital Market Development Authority (CMDA) has fined the Maldives Transport and Contracting Company (MTCC) MVR 30,000 for failing to submit its 2023 fourth-quarter financial and audit reports within the statutory deadline. Despite the company requesting three separate extensions to publish the documents, the regulator imposed the penalty due to MTCC's failure to meet its mandatory disclosure obligations.
Ahmed Saudhee, Managing Director of MTCC | MTCC
The Maldives Transport and Contracting Company (MTCC) has been fined MVR 30,000 for failing to submit its audited financial statements within the mandated timeframe.
The Capital Market Development Authority (CMDA) announced on Monday that it has penalized the Maldives Transport and Contracting Company (MTCC) for failing to submit its fourth-quarter financial report for 2025 and its audited financial statements for the year within the mandated timeframe. The authority confirmed that the company was formally notified of the fine on August 2.
The Capital Market Development Authority (CMDA) stated that the Maldives Transport and Contracting Company (MTCC) was fined under Article 46 of the Regulation on the Obligations of Securities Issuers to Disclose Information.
The financial report for the fourth quarter of 2025 was originally due for publication by March 10 this year. However, that deadline has passed, and MTCC has requested three separate extensions to file the report.
