Former Male’ Water and Sewerage Company managing director Abdul Matheen has sharply criticised the government’s plan to buy back Hitachi’s 20 percent stake in the utility.
He called the move misguided while the state is seeking budget support and facing tight finances. Matheen argued that spending millions on the repurchase makes little sense under current conditions and pointed to weak corporate governance and political interference in state-owned enterprises as underlying problems.
The government has indicated it intends to bring the company fully under state control. Details of the valuation and financing for the buyback have not been fully disclosed.
Matheen’s comments add to wider debate about the management of public companies and the use of limited fiscal resources. Other observers have questioned whether the timing is appropriate given competing demands on the budget.
MWSC provides water and sewerage services across the country. Hitachi has held its minority stake for a number of years. The proposed transaction would end that partnership.
No official response to Matheen’s criticism has been issued. The government continues to pursue the repurchase as part of broader efforts to consolidate control of strategic assets.
