ACC probes Fenaka Corporation MVR 17 mn issue

Anti-Corruption Commission (ACC) has started investigating the missing MVR 17 million issued by Fenaka Corporation to purchase USD 1 million.

The incident took place during Ahmed Nimal’s tenure as Managing Director of Fenaka Corporation. The issue led to changes to senior positions within the corporation – including Nimal – who was replaced by Ahmed Shareef.

President of ACC, Hassan Luthufy spoke to “Sun” this Monday and confirmed that the issue was under investigation.

He refrained from providing any details as the commission is still early into the investigation.

New MD Shareef said that the matter was under investigation by the police, but that an internal probe into the issue concluded that the money was issued as per the decision of Board of

Directors to purchase USD.

“The actions of Fenaka was in line with the decision of the Board. Documents show it was carried out in accordance with the policy set by Board to purchase dollar,” said Shareef.

Fenaka issued the money to purchase USD 1 million needed for the corporation via a speedboat operator.