Managing Director of State Trading Organization (STO) Hussain Amr has revealed that Fenaka owes the state’s main trading company STO.
In an interview, Amr informed online news Adhadhu that among all of STO’s debtors, Fenaka Corporation owes the most money.
He stated that STO has been providing an uninterrupted supply of oil for electricity within the atoll. However, the company has not received any payment for oil supplied to Fenaka.
Amr also claimed that STO has faced several challenges due to not receiving payment from Fenaka. He highlighted that State Electric Company Limited (STELCO) has been making timely payments.
Despite Amr's claims, Managing Director of Fenaka Mohamed Saeed has maintained that the company has been paying its dues.
Saeed stated that the nearly MVR 100 million yet to be paid was only dues that were previously unpaid.
While it has been revealed that Fenaka has failed to pay STO, an issue regarding Fenaka’s neglect to pay its small supply firms has also surfaced.
Fenaka, however, is insistent that it has been making timely payments. Regardless, judging by the documents and statements from the small firms received by Dhiyares, the company owes millions to several businesses.