Fenaka MD Saeed resigns, citing no interest to remain in post

Fenaka Corporation's Managing Director Ahmed Saeed Mohamed. (Photo/PSM)

Fenaka Corporation’s Managing Director Ahmed Saeed has resigned from his post on Wednesday.

Saeed told Sun that he has submitted his resignation letter to the Privatization and Corporatization Board (PCB).

Underscoring that he no longer had any interest to remain in the post, Saeed said his resignation will be effective from Friday.

New heads will be appointed to state-owned companies after President Elect Dr. Mohamed Muizzu takes oath on Friday.

The Office of the President Elect, in October, has revealed having taken note of concerning irregularities in the financial and administrative operations of Fenaka. In this trajectory, the Office pointed out an unusual increase in the number of employees in the company; 747 from March of this year, till present.

In a press conference held last Wednesday, Saeed stressed despite allegations of corruption against Fenaka over the years, none have been proven. He added that the incoming administration will have to birth an issue for such a case to be proven against Fenaka.

As per PCB’s quarterly report for the first quarter of the year, meaning till the end of March, Fenaka has the highest number of employees in a state-owned company, being 7,000.

Saeed attributed the sudden surge in employees to commencing services at newly established stations of the company across atolls.