Debt-Ridden Fenaka Faces Parliamentary Scrutiny

Fenaka Corporation, the government-owned utilities company, faces parliamentary scrutiny amid debt and corruption allegations. Parliament unanimously accepted a motion by MP Adam Shareef for urgent payments and audits. Contractors claim Fenaka owes over MVR 300 million. The ACC ordered recovery of MVR 20 million from 75 corruption cases. PCB reports show Fenaka ended last year with MVR 2.22 billion in debt, revenue of MVR 2.1 billion, and a modest profit of MVR 15.6 million.

Fenaka Corporation, the government-owned utilities company, faces parliamentary scrutiny amid debt and corruption allegations. Parliament unanimously accepted a motion by MP Adam Shareef for urgent payments and audits. Contractors claim Fenaka owes over MVR 300 million. The ACC ordered recovery of MVR 20 million from 75 corruption cases. PCB reports show Fenaka ended last year with MVR 2.22 billion in debt, revenue of MVR 2.1 billion, and a modest profit of MVR 15.6 million.

Fenaka Corporation, the government-owned utilities company, faces parliamentary scrutiny amid debt and corruption allegations. Parliament unanimously accepted a motion by MP Adam Shareef for urgent payments and audits. Contractors claim Fenaka owes over MVR 300 million. The ACC ordered recovery of MVR 20 million from 75 corruption cases. PCB reports show Fenaka ended last year with MVR 2.22 billion in debt, revenue of MVR 2.1 billion, and a modest profit of MVR 15.6 million.

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