Fenaka Corporation Limited has announced the cancellation of two projects that were not part of its original mandate.
The company's financial condition has reached an unprecedented low due to poor policies and management decisions over the past five years. Many of its projects were halted during the government transition after a debt exceeding USD 260 million was reported.
Speaking at a rally held by People's National Congress (PNC), Managing Director of Fenaka Muaz Mohamed Rasheed revealed that some projects awarded by the previous government were not officially recorded. He said that it raised public concerns about payments not been made.
Additionally, Muaz highlighted that the public can now see the extent of corruption within Fenaka, noting that the previous administration heavily indebted the company and lost public trust. He said that the company had undertaken non-mandate projects to its detriment, such as the construction of 48 ATMs at a cost of USD 19,130 each and the construction of several ice plants at a low cost, including nine ice plants for USD 292,000. He also said that employees were hired before project completion, adding to the financial strain.
Furthermore, Muaz said a new business plan is being developed to make Fenaka profitable over the next five years, detailing future projects and business activities while aiming to minimise wasteful expenditure.