STELCO owed over MVR 948M in dues, including MVR 333M from Finance Ministry

The State Electric Company (STELCO) is owed over MVR 948 million in outstanding utility bills and other dues by various state institutions and government-owned companies, according to an audit of last year’s finances.

STELCO’s 2025 financial statement audit report, published by the Auditor General’s Office on Wednesday, shows a 22 percent rise in dues owed by government institutions – rising from MVR 773 million in 2024 to MVR 948.59 million.

The 48-page report shows that STELCO is owed dues by at least 19 different state institutions and government companies.

On top of the list is Finance Ministry with over MVR 333 million in outstanding payments, followed by Public Service Media (PSM) with over MVR 163 million.

Meanwhile, the Male’ City Council owes another MVR 53 million, while Housing Ministry owes over MVR 43 million.

The Housing Development Corporation (HDC) owes another MVR 33 million, while Male’ Water and Sewerage Company (MWSC) owes over MVR 24 million.

Dues owed by government institutions:

• Finance Ministry: MVR 333 million
• PSM: MVR 163 million
• Male’ City Council: MVR 53 million
• Housing Ministry: MVR 43 million
• HDC: MVR 33 million
• MWSC: MVR 24 million
• Environment Ministry: MVR 18 million
• Fenaka Corporation: MVR 14 million
• Road Development Corporation (RDC): MVR 14 million
• State Trading Organization (STO): MVR 8.9 million
• Maldives Transport and Contracting Company (MTCC): MVR 7.8 million
• Indhira Gandhi Memorial Hospital (IGMH): MVR 4 million
• National Center for the Arts: MVR 2 million
• Maldives Ports Limited (MPL): MVR 1.9 million
• Maldives Industrial Fisheries Company (MIFCO): MVR 1.4 million
• Bank of Maldives (BML): MVR 1.1 million
• Maldives Customs Service: MVR 1 million
• National Social Protection Agency (NSPA): MVR 600,000
• Local Government Authority (LGA): MVR 55,000