On Monday, the first local council authority’s company was set up in accordance with the Local Council Act, which permits councils to establish a company to provide commercial services.
The AA. Thoddoo Council, Thoddoo Local Authority Company was the first local authority company to be registered by the Economic Ministry. At a ceremony held on Monday, the registration of the company was handed over to the council by Economic Minister Fayyaz Ismail.
Economic Minister Fayyaz noted the importance of empowering councils to establish local authority companies to catalyze economic opportunities in local communities, as this is a mechanism to bear risks to develop sustainable solutions tailormade to the community’s needs.
Ahmed Karam, the president of Thoddhoo Council, asserted that the island will progress with the registration of the company after the standard of services offered to the populace is improved and delivered on a commercial basis. Additionally, Karam reaffirmed that the business would refrain from engaging in activities like getting into private businesses.
Karam said that the company appointed a managing director following a public announcement. He went on to say that the same criteria were used when choosing company board members to represent the general public.