The Anti-Corruption Commission has ordered the recovery of over MVR 20 million from 75 cases involving state-owned utilities company Fenaka Corporation and identified 92 issues requiring rectification. The developments come amid Fenaka's debts surpassing MVR 2 billion, a sharp rise in staff, and an ACC report brought to the President's Office and parliament's State-Owned Enterprises Committee.
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The Anti-Corruption Commission (ACC) has ordered the recovery of over MVR 20 million from 75 cases relating to state-owned utilities company, Fenaka Corporation.
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The Anti-Corruption Commission (ACC) has ordered the recovery of over MVR 20 million from 75 cases relating to state-owned utilities company, Fenaka Corporation.
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The ACC has also identified 92 issues requiring rectification by Fenaka, spanning operational and policy-related matters as well as the recovery of funds lost due to corrupt practices.
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These developments intensify the troubles for Fenaka, already mired in financial difficulties with debts surpassing MVR 2 billion.
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He highlighted that Fenaka’s staff had burgeoned from 2,700 employees in 2018 to over 8,000.
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He highlighted that Fenaka’s staff had burgeoned from 2,700 employees in 2018 to over 8,000.
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They cited existing Anti-Corruption Commission cases worth MVR 72 million against the company and accused Fenaka of causing small businesses to go bankrupt by not honouring payments.
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As Fenaka recently took a MVR 400 million loan from the Maldives Islamic Bank to repay its debts, the impact of the ACC’s orders and the eventual financial recovery remains to be seen.
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The ACC has brought its report on the extent of corruption within Fenaka to the attention of the President’s Office and the State-Owned Enterprises Committee of the parliament.
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Abdulla Waheed, Fenaka’s Chief Finance Officer until his dismissal last month, was also found guilty of theft, corruption, and abuse of office, raising questions about the internal governance of the company.
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