Fenaka: MVR 20M instructed by ACC to recover are transactions of former administrations

Fenaka Corporation states the MVR 20 million which the Anti-Corruption Commission (ACC) instructed to recover regarding 75 transactions by the company actually pertains to four transactions carried out between 2011 and 2017.

ACC, on Tuesday, said they have instructed Fenaka to recover MVR 20 million with respect to cases the commission has completed investigating. The commission also noted that Fenaka had been instructed to rectify 92 issues to date, over various cases.

Fenaka released a statement on Wednesday, detailing how things unfolded in these cases. In their statement, the corporation said the MVR 20 million instructed by ACC to recover, pertains to four transactions carried out between 2011 and 2017.

The transactions are;

• MVR 240,000 allegedly dispersed from the company’s budget by the undue influence of a former managing director to fund the studies of Southern Utility Company’s former finance director abroad
• Over MVR 17 million owed to Fenaka in a transaction with a private company to purchase dollars
• Over MVR 1 million incurred in losses to Fenaka in a transaction with a private company in 2015 subsequent to dispersing money to the company without deduction of fine procurement policy
• Over MVR 1 million in losses to Fenaka in connection to a transaction with a private company in 2017 to obtain a billing software

ACC, in a statement on Tuesday, said they have formulated a report exploring the rate of corruption risk within Fenaka, steps that need to be taken to reduce the risk rate and obstructions to investigations, which has now been shared with the President’s Office and Parliament’s State-Owned Enterprises Committee.

Major corruption allegations have always been targeted towards senior officials of Fenaka. The company owes over MVR 2.8 billion in debt to third parties at present. They recently withdrew an MVR 400 million load from Maldives Islamic Bank to repay these debts.