State Trading Organization (STO)’s managing director Hussen Amr has stated that various companies owe 2.4 billion Rufiyaa to the company and that they have decided to take legal action to recover the money.
Speaking on RajjeTV Amr said that many state-owned companies owe a lot of money to STO and that they do not have any guarantee that they will get it. He said that hence they have filed cases at the court to recover the money.
Amr said that in the past 4 years, Fenaka and MIFCO did not pay any money to STO after purchasing oil.
“Fenaka owes 685 million Rufiyaa. We have to provide oil if not the islands will not have electricity. We have to provide fuel to MICO as well. Or else they cannot buy fish from the fishermen. Now we are purchasing fuel through loans at high interest rate” said Amr.
