Fenaka Undergoes Internal Audit

State-owned utility Fenaka Corporation, facing significant debt, is undergoing an internal audit to evaluate its financial standing. Allegations of massive corruption and mismanagement emerged during the September presidential election, prompting the audit. Managing Director Muaz Mohamed Rasheed revealed overstaffing and violations of procurement rules, including goods bought at high prices and contracts given at low prices. The audit will be completed within two months and findings will be shared with authorities. Fenaka spends MVR 79 million monthly on salaries and had taken on free projects as CSR. The Environment Protection Agency fined Fenaka MVR 4.2 million for violating EIA reports on power plant projects in 21 islands.

State-owned utility Fenaka Corporation, facing significant debt, is undergoing an internal audit to evaluate its financial standing. Allegations of massive corruption and mismanagement emerged during the September presidential election, prompting the audit. Managing Director Muaz Mohamed Rasheed revealed overstaffing and violations of procurement rules, including goods bought at high prices and contracts given at low prices. The audit will be completed within two months and findings will be shared with authorities. Fenaka spends MVR 79 million monthly on salaries and had taken on free projects as CSR. The Environment Protection Agency fined Fenaka MVR 4.2 million for violating EIA reports on power plant projects in 21 islands.

State-owned utility Fenaka Corporation, facing significant debt, is undergoing an internal audit to evaluate its financial standing. Allegations of massive corruption and mismanagement emerged during the September presidential election, prompting the audit. Managing Director Muaz Mohamed Rasheed revealed overstaffing and violations of procurement rules, including goods bought at high prices and contracts given at low prices. The audit will be completed within two months and findings will be shared with authorities. Fenaka spends MVR 79 million monthly on salaries and had taken on free projects as CSR. The Environment Protection Agency fined Fenaka MVR 4.2 million for violating EIA reports on power plant projects in 21 islands.

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