Tuesday 18th Jun 2024
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Fenaka MD purchases car for MVR 2.9 million

Fenaka Corporation, a state-owned company responsible for the provision of electricity and water in the Maldives, has recently come under fire for purchasing a luxury car worth MVR 2.9 million for the personal use of its Managing Director, Ahmed Saeed Mohammed. The controversy has arisen as Fenaka Corporation's debt is nearly touching the MVR 3 billion mark, raising concerns over the company's financial management.
According to a leaked duplicate of the purchase order for the vehicle, an Audi Q7 SUV, Fenaka Corporation paid MVR 2.9 million to a private company for an "executive van". However, the Audi Q7 is one of the world's most luxurious SUVs currently in the market, with a price tag of $59,200 (MVR 909,312) on the Audi website. This has led to questions over whether the purchase was necessary or a prudent use of company funds.
The controversy surrounding the purchase was compounded when MD Saeed initially denied buying the car for his personal use. However, his denial was later debunked when the purchase was confirmed by leaked documents showing the registry of the vehicle. MD Saeed has also refused to answer questions about the model and type of car, instructing journalists to "use your other tactics to find the answer", which has only fuelled speculation and suspicion.
"We will continue procuring things necessary to run the company's operations. You can write about that, too. We have always purchased and done what is necessary in accordance with our policies, and after an agreement by our board," MD Saeed said, reportedly, when asked about the purchase.
Fenaka Corporation's debt is another issue of concern, with the company reportedly owing nearly MVR 3 billion. The purchase of a luxury car for personal use by the MD has raised questions about the company's financial management and priorities, particularly in the face of mounting debt. The leaked documents show that the vehicle was registered under Fenaka Corporation's name at the Transport Ministry on February 9th last year, one day before the payment process for the car was finalized.
Despite the controversy, MD Saeed now travels in the Audi Q7 luxury SUV, which is registered under Fenaka Corporation's name at the Transport Ministry with B/B5235 as the number. The purchase has drawn criticism from many, who believe that Fenaka Corporation should focus on managing its debt and providing essential services to the people of the Maldives, rather than indulging in luxury purchases for its senior executives.