Fenaka Corporation Managing Director Muaz Mohamed Rasheed Resigns

Fenaka Corporation’s Managing Director, Muaz Mohamed Rasheed, has tendered his resignation, citing challenges in improving the company’s operations. The resignation, submitted to President Mohamed Muizzu, is effective immediately.

In his resignation letter, Muaz expressed his concerns over the operational difficulties faced by the state utility provider. Despite his efforts, he noted that the company's financial and operational challenges remained unresolved, ultimately prompting his decision to step down.

Muaz highlighted that when he assumed office, Fenaka was burdened with a backlog of unresolved maintenance issues in electricity, water, and sewerage services across its service areas. Additionally, the company was managing a debt of MVR 4.3 billion and an oversized workforce, leading to expenses that far exceeded its income.

Efforts to address these challenges included consultations with the Ministry of Finance, Fenaka’s parent organization. While some progress was made, including saving MVR 160 million in annual expenses, Muaz stated that inadequate support from relevant authorities limited his ability to implement deeper reforms, such as right-sizing the organization.

Muaz emphasized the importance of uninterrupted services for citizens, noting that any failure in this regard would not only harm the company’s reputation but also cause significant hardship to the public.

While Fenaka has achieved certain operational efficiencies, Muaz acknowledged that the company's current state hindered its ability to provide services sustainably. In his resignation letter, he admitted to falling short of overcoming these challenges: "As I no longer see a clear path to further improve these issues while I remain in this position, I have resigned as the Managing Director of Fenaka Corporation effective today."