Fenaka Corporation Limited has filed a complaint with the Anti-Corruption Commission (ACC) concerning 25 projects initiated during the previous government's tenure, neglecting market prices for the work.
In a post on X, Managing Director of Fenaka Muaz Mohamed Rasheed disclosed that the company had undertaken the 25 projects without adhering to a bill of quantities (BOQ) or considering prevailing market rates. He also said that the projects were among the 60 overseen by the previous management of the company, resulting in significant financial losses for Fenaka.
Additionally, Muaz highlighted the company's substantial debts due to non-payment to various suppliers. He urged for a thorough investigation into the individuals accountable and subsequent legal measures. Earlier reports indicated that the previous government had allocated USD65 million for the 60 projects managed by Fenaka, contributing to the company's considerable debt, which stood at USD279 million upon the current government's assumption of office.
The projects submitted to the ACC span 25 islands across nine atolls, encompassing five island initiatives each in Thaa Atoll and Gaafu Dhaalu Atoll, as well as projects in three islands of Laamu Atoll and two islands each in Shaviyani, Noonu, and Haa Alifu Atolls. In addition, a project in Gaafu Alifu and Haa Dhaalu Atolls has been referred to the ACC.
Fenaka has outlined plans to settle all outstanding dues within the next two and a half years, alyjough acknowledging the inability to fulfill immediate payments to the companies involved.