STO owed MVR 2.4B from state-run offices and businesses
STO has no guaranteed means to acquire the funds, managing director Amru says
Hussain Amru
The State Trading Organisation owed over MVR 2.4 billion from state-run offices and companies, managing director Hussain Amru has said.
Amru told RaajjeTV on Monday night that several such offices and businesses owe STO in the way of outstanding credit on fuel, rent, and other goods.
The managing director further said the while STO has been mismanaged in the past, there is no guaranteed means through which the funds can be acquired.
Amru revealed that the state utilities company, the FENAKA Corporation, alone owes over 600 million to STO.
STO continues to give fuel to the corporation on credit, because ‘otherwise, islands would not have access to electricity’, Amru said.
