State-owned utility Fenaka Corporation is undergoing an internal audit of its financial standing amid significant debt, overstaffing and alleged procurement violations, Managing Director Muaz Mohamed Rasheed said. The audit is to be completed within the next two months, and the Environment Protection Agency has fined the company MVR 4.2 million for violating EIA reports on power plant projects in 21 islands.
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They have procured goods at high prices and against the company's procurement rules. There are companies that have been given big business deals at low prices. We will review if these companies are capable. We are reviewing all contracts […
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The company is carrying a huge debt burden and has to spend MVR 79 million on employee salaries alone.
Word for word from the report in Maldives Republic. Open the report
The Environment Protection Agency (EPA) has also fined Fenaka MVR 4.2 million last month for violating EIA reports under the power plant development projects in 21 islands
Word for word from the report in Maldives Republic. Open the report
violating EIA reports under the power plant development projects in 21 islands
Word for word from the report in Maldives Republic. Open the report
State-owned utility Fenaka Corporation, which is grappling with significant debt, is currently undergoing an internal audit to evaluate its present financial standing, Managing Director Muaz Mohamed Rasheed has revealed.
Word for word from the report in Maldives Republic. Open the report
The Environment Protection Agency (EPA) has also fined Fenaka MVR 4.2 million last month for violating EIA reports under the power plant development projects in 21 islands, ordering the company to pay the amount within a month.
Word for word from the report in Maldives Republic. Open the report