President of the Maldives inaugurates Sifainge Ekuveri Kunfuni to manage the welfare of MNDF.
Defence Minister, Mr Adam Shareef outlined that SEK was formed by combining the resources of two currently operating companies of MNDF namely SIVEK and SIFCO with the aim to further improve the welfare operations of MNDF.
According to the law constituted by the President, the share capital of the company is 1 billion Rufiyaa consisting 100 million shares each worth 10 Rufiyaa while the company has a separate legal entity. The law also states that under the company law number 95, the company is officially registered as “Sifainge Ekuveri Kunfuni Limited”.
Defence Minister also stated that no bank was willing to offer loans for the projects of SIVEK and SIFCO due to which several projects were not completed such as the specialised housing units for MNDF which took longer than planned.
A company named SEK was previously opened as well by the former Minister, Mr Ilyas Ibrahim.