ACC Orders Recovery of MVR 20 Million in Fenaka Corporation Scandal
The Anti-Corruption Commission (ACC) has ordered the recovery of over MVR 20 million from 75 cases related to state-owned Fenaka Corporation, which is mired in a corruption scandal and debts exceeding MVR 2 billion. The ACC identified 92 issues requiring rectification, including operational and policy matters. Former CFO Abdulla Waheed was found guilty of theft, corruption, and abuse of office. Fenaka recently took a MVR 400 million loan from Maldives Islamic Bank to repay debts. The ACC has reported its findings to the President's Office and the State-Owned Enterprises Committee of parliament.
The Anti-Corruption Commission (ACC) has ordered the recovery of over MVR 20 million from 75 cases related to state-owned Fenaka Corporation, which is mired in a corruption scandal and debts exceeding MVR 2 billion. The ACC identified 92 issues requiring rectification, including operational and policy matters. Former CFO Abdulla Waheed was found guilty of theft, corruption, and abuse of office. Fenaka recently took a MVR 400 million loan from Maldives Islamic Bank to repay debts. The ACC has reported its findings to the President's Office and the State-Owned Enterprises Committee of parliament.
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The Anti-Corruption Commission (ACC) has ordered the recovery of over MVR 20 million from 75 cases related to state-owned Fenaka Corporation, which is mired in a corruption scandal and debts exceeding MVR 2 billion. The ACC identified 92 issues requiring rectification, including operational and policy matters. Former CFO Abdulla Waheed was found guilty of theft, corruption, and abuse of office. Fenaka recently took a MVR 400 million loan from Maldives Islamic Bank to repay debts. The ACC has reported its findings to the President's Office and the State-Owned Enterprises Committee of parliament.
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