The government plans to mandate the appointment of chartered accountants for all state-owned enterprises (SOEs) in a move to improve financial management and accountability. This was announced by Minister of Finance Moosa Zameer during a recent press conference addressing public expenditure and financial mismanagement within government entities.
Minister Zameer emphasized that the reform is crucial for enhancing transparency and ensuring that SOEs adhere to proper financial standards. He highlighted findings from recent audits, including those of Fenaka Corporation, which revealed a lack of adequate financial reporting and the absence of qualified accountants.
“We are taking steps to ensure that every SOE in the Maldives will be required to have a chartered accountant, enabling a structured financial system and consistent audits,” Zameer stated. The initiative is part of a broader effort to address long-standing financial issues within SOEs and strengthen overall governance.
The minister acknowledged that previous finance ministers had attempted to resolve these issues but added that the current administration is committed to taking the necessary steps to see the changes through. He also mentioned that discussions with President Dr. Mohamed Muizzu are underway to implement these requirements across all state-owned entities.
Attorney General Ahmed Usham, who also spoke at the press conference, stressed the need for a clearer legal framework to oversee SOEs. He pointed out the current challenges in investigating corruption cases due to legal ambiguities surrounding the management of these enterprises. Usham suggested the creation of a dedicated regulatory body to ensure better oversight of SOEs, noting that past management under the finance ministry had been more efficient.
Both officials confirmed that legal amendments are being considered to resolve these issues and ensure stricter financial controls across the board.
