MALÉ, Maldives - State-owned utility company Fenaka has come under scrutiny after it was revealed that their net profit for the third quarter of the fiscal year 2022-2019 was lower than the amount spent on purchasing a luxury Audi Q7 for the company's managing director, Ahmed Saeed. The extravagant expenditure has sparked widespread concern, particularly given Fenaka's precarious financial situation and its outstanding debts to various individuals totaling more than MVR 2.8 billion.
According to financial data released by the Privatisation and Corporatisation Board, Fenaka reported a net profit of MVR 1.28 million during the third quarter of the mentioned fiscal year. However, the luxury car purchased for the personal use of Managing Director Saeed in the same year was valued at a staggering MVR 2.8 million, exceeding the net profit by MVR 1.5 million.
The revelation of such lavish spending has raised eyebrows among the public, who are questioning the prudence of such actions when the company's finances are in dire straits. Many have voiced concerns over the mismanagement of funds and the prioritization of personal luxuries over addressing the pressing financial challenges faced by Fenaka.
Furthermore, critics have accused the company of engaging in unnecessary projects and creating excessive employment opportunities ahead of upcoming elections. For instance, even in sparsely populated islands, Fenaka now employs around 15 people to run power plants, whereas in the past, such establishments functioned efficiently with just two to three staff members. This expansion of the workforce in conjunction with the questionable purchase of luxury vehicles has fueled further discontent among the public.