Fenaka Corporation in Crisis Amidst Allegations of Mismanagement and Corruption
Fenaka Corporation, state-owned utilities company, faces scrutiny over financial instability and corruption allegations. Workforce grew from 2,700 in 2018 to over 8,000. Debt exceeds MVR 2 billion, with a recent MVR 400 million loan from Maldives Islamic Bank. Ovex MVR 200 million to 19 local contractors. Opposition MPs criticize, and a resolution moved by PNC Vice-President Adam Shareef calls for audit. ACC criticized for negligence, and CFO Abdulla Waheed dismissed over theft allegations. Ruling MDP defends, citing wage increases and service expansion.
Fenaka Corporation, state-owned utilities company, faces scrutiny over financial instability and corruption allegations. Workforce grew from 2,700 in 2018 to over 8,000. Debt exceeds MVR 2 billion, with a recent MVR 400 million loan from Maldives Islamic Bank. Ovex MVR 200 million to 19 local contractors. Opposition MPs criticize, and a resolution moved by PNC Vice-President Adam Shareef calls for audit. ACC criticized for negligence, and CFO Abdulla Waheed dismissed over theft allegations. Ruling MDP defends, citing wage increases and service expansion.
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Fenaka Corporation, state-owned utilities company, faces scrutiny over financial instability and corruption allegations. Workforce grew from 2,700 in 2018 to over 8,000. Debt exceeds MVR 2 billion, with a recent MVR 400 million loan from Maldives Islamic Bank. Ovex MVR 200 million to 19 local contractors. Opposition MPs criticize, and a resolution moved by PNC Vice-President Adam Shareef calls for audit. ACC criticized for negligence, and CFO Abdulla Waheed dismissed over theft allegations. Ruling MDP defends, citing wage increases and service expansion.
This story involves 1 source and may affect public understanding of corruption / utilities.
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Focus: Fenaka Corporation in Crisis Amidst Allegations of Mismanagement and Corruption
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