Ex-Fenaka MD Saeed slams ‘politically motivated’ audit flagging MVR 2.2bn in irregularities

The former managing director of Fenaka Corporation, Ahmed Saeed Mohamed denied the allegations of corruption against him on Sunday, slamming the recent audit that uncovered over MVR 2 billion in financial irregularities during his tenure as politically motivated and full of false information.

The special audit report, publicized by the Auditor General’s Office (AGO) on Thursday, flags MVR 2.2 billion financial irregularities by the state utility company between 2021 and 2023.

In a statement he shared on early Sunday, Saeed, who helmed the state utility company during the Maldivian Democratic Party (MDP) administration from 2018-2023, said that all procurement decisions during his tenure were made in strict compliance with Fenaka’s rules and regulations as well as the administrative framework approved by the company’s board.

“I provide full assurance that I never awarded anyone an asset, service, contract or project in violation of this,” he said.

Saeed said that he never misused any state public funds for personal gain or secured any undue benefit.

އޮޑިޓަރ ޖެނެރަލް އޮފީހުން ހަޤީޤަތް އޮޅުވާލާފައިވާ ފެނަކަ ކޯޕަރޭޝަން ލިމިޓެޑްގެ 2021 – 2023 ގެ ޚާއްސަ އޮޑިޓް ރިޕޯޓާ ގުޅޭ pic.twitter.com/ur4yIuwlPJ

— Ahmed Saeed Mohamed (@myfoona) September 27, 2025

He slammed the AGO for releasing what he called a rushed and politically motivated report includes false information and is misleading the public.

“It is nothing short of highly irresponsible for an independent and autonomous institutions such as the Audit Office to fail to take into account the correct information that is available from the company or to obtain any information regarding this from me despite being alive and well, and release a rushed report tailored to produce a specific outcome by including false information, and creating uncertainty and misleading the public, and creating questions over the independence of institutions,” he said.

“I note that such reports released by an independent institution such as the Auditor General [Office] must be transparent and free from political influence.”

He called on independent institutions to investigate the decisions during his five-year tenure as head of Fenaka “fairly, transparently, and free from any political influence.”

I would welcome any such investigation, he said.

Some of the serious irregularities flagged in the audit report includes:

• The award of MVR 1.4 billion in procurement contracts without a competitive bidding process.
• The procurement of refurbished generator sets that were passed off as brand-new ones for MVR 17.4 million, despite their actual value being MVR 2.9 million.
• The procurement of equipment before contracts were signed.
• The award of MVR 105 million in delivery contracts to a supplier that did not have a ship to carry the deliveries on.
• The award of contracts to companies linked to Saeed’s family.
• The award of multiple no-bid contracts to companies linked to the MDP.

The Auditor General’s Office recommended a criminal investigation into the irregularities.

Fenaka, which is heavily in debt, has been plagued with allegations of corruption throughout different Maldivian administrations.