Thursday 20th Jun 2024
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25 Projects Awarded by Former Management of Fenaka Referred to ACC

Fenaka has sent the details of 25 projects awarded by the previous management of the company to the Anti-Corruption Commission (ACC) for review, Fenaka Managing Director Muaz Mohamed Rasheed said.
The 25 projects submitted to the ACC have been awarded to various parties to the detriment of Fenaka, he said.
These projects have been awarded without any regard to BOQs, or the price at which these works can be done in the market.
There have been allegations of massive corruption within Fenaka during the end of the MDP government. It has been alleged that several companies affiliated with the former management of Fenaka were awarded projects at cheap prices.
60 office building projects have been stalled, and 45% of the works will cost 1 billion MVR, he said. In addition, a huge illegal business of buying engines and generator sets has been created within Fenaka, and these cases will also be submitted to the ACC, he said.
Muaz added that when he took over Fenaka, the situation was dire. The company was spending 86 million MVR per month on the salaries of 8,000 employees alone. When he took over, Fenaka was in a debt of 8.4 billion MVR, he said.