Contract awarded to foreign companies after rejecting STO's proposal: MD
STO MD said that the previous administration’s decision had caused “great loss” to the company
STO\'s MD Hussain Amru and Chairman Hamid Nasheed Mohamed
The previous government had rejected a proposal by the State Trading Organization (STO), to give an important project to two foreign companies.
STO’s current managing director, Hussain Amru revealed this after being presented to parliament’s committee on state owned enterprises on Wednesday. He was accompanied by chairperson, Hamid Nasheed Mohamed.
Speaking there, Amru said that the previous administration’s decision had caused “great loss” to the company.
He stated that the trading company previously did not have the capacity to import sandstones and coarse sand in bulk, but that it had attempted to broaden business during former President Abdulla Yameen’s administration.
Noting that the company intended to buy them in bulk and stock the items in Hulhumalé, the MD said that this proposal was submitted to the government.
Amru further said that sandstones and coarse sand are one of its prioritized imports, to be sold at an affordable price, but that the company has faced great loss due to the government’s decision.
He also noted that those contracted to develop Hulhumalé Phase 2 have been selling these items as well.
Yameen administration’s decision to award the project was met with immense criticism.
