Fenaka Corporation has announced that it has disbursed MVR 300 million to contractors in the past eight months.
Fenaka Corporation has announced that it has disbursed MVR 300 million to contractors in the past eight months.
The company stated that these payments cover all ongoing projects and current purchases, benefiting a total of 278 vendors.
When the current management assumed control, Fenaka owed MVR 1.7 billion to the public and various companies. To address this, the company has implemented several measures, including debt restructuring and eliminating unnecessary CSR expenditures to improve financial stability.
The Anti-Corruption Commission (ACC) has uncovered numerous cases filed against the former management of Fenaka Corporation, revealing that around 60 projects remained incomplete and the budget was depleted.
Muaz Mohamed Rasheed, the new Managing Director of Fenaka, has pledged that no project will harm the company.
He highlighted that electricity, water, and sewerage issues in rural areas have worsened due to prolonged neglect. Muaz assured that efforts are underway to find lasting solutions to these problems.
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