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News: MTDC AGM failed with a record of 10 attendants

21 Oct 2012: Media sources report that Maldives Tourism Development Corporation (MTDC)'s Annual General Meetings or AGM was attended by only 10 members out its 25,000 shareholders. Meeting was held this evening in MATI Building, G.Fathuruveshi at 20.30hrs. At least 50% of shareholders are needed to fulfill the legal requirements. MDTC is the owning company of Herathera Resort in Addu Atoll. Some say this represents the public confidence in the company while it was greatly influenced by politics in previous government.

Many people working in tourism industry seem to believe that the present Board Of Directors are unable to manage the company. In the past years the management of Herathera was leased to different parties. Even now MTDC is requesting tenders for leasing the management.