The government has handed over the island of Thaa atoll Funaddoo to MIFCO to resume operations of purchasing and exporting fish.
The island and the all assets at the island had been handed over to MIFCO on March 7 as confirmed by The Chief Executive of MIFCO, Mr. Ismail Fauzy. Furthermore, Mr. Fauzy has confirmed that the government settled the island acquisition cost to the bank prior to the handover.
The government seized the island after Funaddoo Tuna Products Private Limited were unable to settle their outstanding loans, hence which was why the government sought potential corporations to take over the processing facility.
Mr. Fauzy mentioned that as a result of the lengthy idle-period, most establishments on the island have rundown. Moreover, MIFCO will be involved in heavy renovation before the facility can be brought back to operation.
In addition, Mr. Fauzy concluded that the entire renovation process will likely conclude after 10 months.
