The Maldives Industrial Fisheries Company (MIFCO) has announced that they will begin clearing outstanding payments to local fishermen.

Fishermen have been asked to go to Kooddoo island with guarantee slips provided by MIFCO in order to acquire corresponding payment.

MIFCO was authorized to delay payments after it was revealed that the company was in alarming financial situation.

MIFCO has received about MVR 620 million from the Maldivian government to finance their operations.

In 2016, the company was made a subsidiary of the State Trade Organization after bankruptcy.