Former Fenaka MD Ahmed Saeed rejects audit, says report issued without consulting him

A special audit published by the Auditor General’s Office into Fenaka Corporation covering 2021–2023 has flagged widespread procurement and financial irregularities. Former Fenaka managing director Ahmed Saeed Mohamed has rejected the findings, saying the audit was issued without consulting him and contains inaccuracies.

The audit found that Fenaka spent about MVR 2.2 billion on contracts and related work during the audit period, and that roughly MVR 1.3 billion of that was awarded without a competitive tender process, transactions the audit says violated procurement rules and created opportunities for corruption.

Among the findings, the report says three companies linked to the former managing director’s family were awarded contracts totalling MVR 49.7 million; that MVR 26 million intended for projects was disbursed as petty cash or directly into employees’ personal accounts (with weak or missing documentation); and that Fenaka made purchases such as MVR 112 million worth of fuel from a company tied to a former MP without open bidding.

The Auditor General’s Office also said Fenaka’s debt rose sharply during the period, reporting that the corporation’s debt had increased by about 379 percent by the end of 2023, and pointed to large expenditures on in-house projects, incomplete works and payments that exceeded market rates as drivers of the corporation’s deteriorating finances.

Ahmed Saeed Mohamed has disputed the audit’s conclusions, calling sections politically motivated and claiming that management-level facts were not verified with the company before publication. Fenaka and relevant authorities are now under public scrutiny while investigations and any follow-up actions proceed.