Debt-Ridden Fenaka Faces Parliamentary Scrutiny

Maldives Parliament unanimously passed a motion by MP Adam Shareef calling for Fenaka Corporation to urgently pay smaller companies it owes and to undergo management and financial audits, referring it to the State-Owned Enterprises Committee. The utilities company faces ACC investigations and debts of MVR 2.22 billion at the end of last year, with contractors saying it owed over MVR 300 million in unpaid dues.

First reported 25 Oct 2023, 23:59

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Debt-Ridden Fenaka Faces Parliamentary Scrutiny

53 votes Votes in favour of the motion

25 Oct, 23:59 First Open at outlet

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Figures in these reports

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53 votes Votes in favour of the motion Maldives Republic
the motion was passed unanimously with 53 votes and referred to the State-Owned Enterprises Committee for review.
Word for word from the report in Maldives Republic. Open the report
over MVR 300 million Fenaka unpaid dues owed to contractors Maldives Republic
Last month, contractors revealed that Fenaka owed over MVR 300 million in unpaid dues.
Word for word from the report in Maldives Republic. Open the report
MVR 20 million Amount ACC ordered recovered from Fenaka Maldives Republic
The ACC, meanwhile, has ordered the recovery of MVR 20 million from Fenaka in relation to 75 corruption cases, some of which date back to previous governments
Word for word from the report in Maldives Republic. Open the report
75 cases Corruption cases linked to the recovery order Maldives Republic
in relation to 75 corruption cases, some of which date back to previous governments
Word for word from the report in Maldives Republic. Open the report
MVR 2.22 billion Fenaka outstanding debts Maldives Republic
Financial reports from the Privatisation and Corporatisation Board (PCB) reveal Fenaka ended last year with outstanding debts of MVR 2.22 billion.
Word for word from the report in Maldives Republic. Open the report
MVR 2.1 billion Fenaka revenue Maldives Republic
The company’s revenue and expenditure for 2022 stood at MVR 2.1 billion and MVR 2 billion, respectively.
Word for word from the report in Maldives Republic. Open the report
MVR 2 billion Fenaka expenditure Maldives Republic
The company’s revenue and expenditure for 2022 stood at MVR 2.1 billion and MVR 2 billion, respectively.
Word for word from the report in Maldives Republic. Open the report
MVR 15.6 million Fenaka reported profit Maldives Republic
while the company reported a modest profit of MVR 15.6 million.
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Other events named

no clear day, as worded

The ACC ordered the recovery of MVR 20 million from Fenaka in relation to 75 corruption cases. Maldives Republic
The ACC, meanwhile, has ordered the recovery of MVR 20 million from Fenaka in relation to 75 corruption cases, some of which date back to previous governments
Word for word from the report in Maldives Republic. Open the report

Subjects

sectors and approved topics, alphabetical

Energy & utilities Public finance & tax

Named in these reports

alphabetical

Adam Shareef MP for the Maduvvari constituency Anti-Corruption Commission (ACC)Fenaka Corporation People's National Congress (PNC)Privatisation and Corporatisation Board (PCB)State-Owned Enterprises Committee