The Edition


Fenaka records first profits since inception

Ahmed Aiham
30 November 2020, MVT 21:39
A promotional poster by Fenaka Corporation Limited. PHOTO: FENAKA
Ahmed Aiham
30 November 2020, MVT 21:39

State-run utility firm Fenaka Corporation Limited recorded its first profitable fiscal year in 2019, making history since established under a presidential decree by former President Dr Mohamed Waheed in 2012.

According to audit reports, the company generated a net profit of MVR 35.6 million, compared to a loss of MVR 143 million in 2018.

The company's press release further attributed the success and subsequent improvement of its services to major reforms to its operational policies brought under Managing Director Ahmed Saeed Mohamed since 2018.

According to Fenaka, the profit indicated a move away from corrupt practices and mismanagement.

However, the Anti Corruption Commission (ACC) on September 21, decided to investigate a total of 22 cases from 28 issues lodged against the Fenaka Corporation by its employees.

ACC spokesperson Hassan Manik said the reduction of investigated cases were a result of certain cases being compiled into a single suit.

Although Fenaka's staff, including Managing Director Ahmed Saeed Mohamed, signed a pledge on July 1, 2019, to uphold the incumbent administration's 'Zero Tolerance to Corruption ' policy, the majority of cases filed cited issues against the MD.