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Fenaka Corporation in Crisis Amidst Allegations of Mismanagement and Corruption
Fenaka Corporation, the state-owned utilities company, faces scrutiny over financial instability, with debt reported at over MVR 2 billion, a workforce that grew from 2,700 in 2018 to more than 8,000, and unpaid bills to 19 local contractors. The Chief Finance Officer was dismissed over theft and corruption allegations, opposition MPs and MPs at parliament debated the situation, and a resolution was moved calling for a management and financial audit and a debt repayment plan.
Sources1carried itMR1 of 19 news outlets we monitor
Figures7as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Who said what
the reports' own quoted words, each once
This is an alarming development at a time when the company's debt has exponentially increased. Fenaka seems to have employed people without proper planning; some don't even have a chair to sit on or any work to do
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
from 2,700 employees in 2018 to more than 8,000 currentlyFenaka Corporation workforce growthMaldives Republicthe dramatic increase in Fenaka's workforce—from 2,700 employees in 2018 to more than 8,000 currently.
Word for word from the report in Maldives Republic. Open the report
over MVR 2 billionFenaka Corporation debtMaldives RepublicFenaka's debt currently stands at over MVR 2 billion, with the company having recently secured a loan of MVR 400 million from the Maldives Islamic Bank (MIB) to address its mounting debts.
Word for word from the report in Maldives Republic. Open the report
MVR 400 millionLoan secured from Maldives Islamic BankMaldives Republicthe company having recently secured a loan of MVR 400 million from the Maldives Islamic Bank (MIB) to address its mounting debts.
Word for word from the report in Maldives Republic. Open the report
over MVR 200 millionAmount owed to local contractorsMaldives RepublicThe state-owned company also owes over MVR 200 million to 19 local contractors who are now struggling to make ends meet.
Word for word from the report in Maldives Republic. Open the report
19 contractorsNumber of local contractors owed moneyMaldives RepublicThe state-owned company also owes over MVR 200 million to 19 local contractors who are now struggling to make ends meet.
Word for word from the report in Maldives Republic. Open the report
up to MVR 3.5 billionEstimated debt according to opposition MPsMaldives Republicciting concerns over the financial state of the company, now estimated to be in debt of up to MVR 3.5 billion.
Word for word from the report in Maldives Republic. Open the report
31 cases filed by the company's employees worth MVR 72 millionEmployee cases filed worthMaldives Republic“There are 31 cases filed by the company’s employees worth MVR 72 million. Such negligence from the ACC in not looking into it is very serious,” Ilyas said.
Word for word from the report in Maldives Republic. Open the report
Other events named
no clear day, as worded
Fenaka Corporation Chief Finance Officer Abdulla Waheed was dismissed over allegations of theft, corruption, and abuse of office.Earlier this monthMaldives RepublicEarlier this month, Abdulla Waheed, the Chief Finance Officer of Fenaka Corporation, was dismissed over allegations of theft, corruption, and abuse of office, further complicating the situation.
Word for word from the report in Maldives Republic. Open the report
Protests were staged in front of the Fenaka office by people criticising the company's inability to pay its bills.Fenaka officeMaldives RepublicOpposition MPs have criticised Fenaka's inability to pay its bills, and protests have been staged in front of the Fenaka office.
Word for word from the report in Maldives Republic. Open the report
