Former Fenaka MD Saeed's passport held

Criminal Court has issued an order to hold the passport of former Managing Director of Fenaka Corporation Ahmed Saeed.

Saeed is being banned from traveling on the request of the Anti Corruption Commission in relation to a corruption case involving him that they are currently investigating.

Allegations of major corruption was raised against Saeed when he was managing Fenaka during the administration of former President Ibrahim Mohamed Solih. Fenaka staff also lodged a number of complaints at the ACC, including allegations that Saeed was contracting projects in a manner that would present benefits to specific entities.

The cases were not properly investigated or taken action against at the time.

Following the change in administration, the new management also observed many issues and once again, cases were lodged at the ACC.

One such complaint was that Saeed had taken undue benefits of his post, with Fenaka raising issues with 25 out of 60 construction projects conducted in-house.

In these 25 projects, BOQs and market rates were not considered, with most remaining incomplete beyond just 50 percent of the work. The funds released for these projects amount to MVR 508 million.

Current MD of Fenaka, Muaz Mohamed Rasheed has said that about MVR 1 billion will be needed to complete these projects which remain at different stages of completion.

He also said then that there was illegal sale of gensets and engines within the company, stating that this too would be forwarded to the ACC.

After the current administration came to office, Fenaka was the SOE noted to have the most issues, including the hiring of a large number of employees who were not necessary for the company, even for projects that had not commenced.