Monday 22nd Jul 2024
Dhivehi Edition
News Reports Sports Business

Fenaka Aims to Pay Debts Within Two Years

The Fenaka Company has a plan to repay billions of rufiyaa owed to various businesses within two years, the company's Managing Director Muaz Mohamed Rasheed said.
Speaking at a meeting with the people of B. Kendhoo, Muaz said that 60 projects started by the company have been delayed due to a lack of funds and debts incurred by the previous administration. More than 1 billion MVR has been spent on the projects without completing them, he said.
He added that the average completion rate of these 60 projects is only 45 percent. If this trend continues, it will cost an additional billion to complete the remaining work, he said.
He noted that the previous government had started work on these projects without even estimating the cost. 50 million MVR has been spent on the construction of many buildings that could have been completed at a cost of 23 million MVR.
He further said that small and medium enterprises in different parts of the country have gone bankrupt due to non-payment by Fenaka for materials procured.
"A lot of businesses have gone bankrupt because they didn't get the money they are owed. They didn't pay for the materials they took for the projects. They didn't pay. They added to the debt," he said.
Such a large amount of money not paid to businesses is a huge negligence and betrayal by the previous government and the previous management of Fenaka, Muaz said.
He added that several businesses are “running” after Fenaka because they have not received the money. However, Fenaka does not have the ability to pay the money in one lump sum, he said, adding that a plan is being drawn up to pay the companies within two years.