Second Deputy Managing Director appointed to debt-ridden Fenaka

Fenaka Corporation Limited, currently facing significant debt, announced the appointment of another Deputy Managing Director on Tuesday.

The new DMD is Adam Thaufeeq, who previously served as the Deputy Minister of Economic Affairs in the administration of former President Abdullah Yameen. Thaufeeq also ran for the Kurendhoo constituency in the last parliamentary elections under the PPM/PNC ticket, though he was not successful.

This appointment means Thaufeeq will join Mohamed Arif, who already holds the position of Fenaka DMD.

Fenaka Corporation has been the subject of corruption allegations during previous governments and is in a precarious financial state.

The company employs a substantial number of individuals, and by the end of the former Maldivian Democratic Party (MDP) government, Fenaka's debt had escalated to MVR 4 billion.