Former Managing Director of Fenaka Corporation Limited, Ahmed Saeed Mohamed, has been sentenced to four years in jail for abuse of official position.
The Criminal Court delivered the verdict on Sunday after hearing charges of abuse of official position against Saeed and another senior official of the company.
The case was filed in connection with the release of payments to Blazon Inc. Pvt Ltd without the company completing the contracted work, and without confirmation of completion under the agreement with Fenaka. Saeed and the company's then procurement head Maryam Dheena Solih were charged in the case late last year.
Meanwhile, the Anti Corruption Commission (ACC) is investigating several additional cases involving former Fenaka officials and is in discussions with the Prosecutor General's Office on seeking prosecution.
A special audit conducted by the Auditor General's Office has revealed that USD 142.7 million had been embezzled from Fenaka during the administration of former President Ibrahim Mohamed Solih. According to the report, the embezzlement at Fenaka under the Maldivian Democratic Party (MDP) government constitutes the largest financial fraud ever recorded by a state-owned company in the Maldives.