Fenaka Corporation's Managing Director Muaz Mohamed Rasheed has stated that 25 projects that were contracted by the previous management of the company in a way to benefit specific individuals have been submitted to the Anti Corruption Commission (ACC) for investigation.
Muaz alleged that these contracts were awarded in a manner extremely detrimental to the company, with no consideration of market rates of the work concerned and without making any Bill Of Quantities (BOQs).
"We have submitted 25 out of 60 construction projects that were conducted in house through illicit use of position. These projects have caused Fenaka millions of rufiya in loss," Muaz said.
Muaz further asserted that those responsible for the failure of the company to pay suppliers, thereby sending the company into heavy debt, must also be promptly investigated and taken action against without further delays.
Muaz has previously revealed that 60 projects of Fenaka office construction had come to a halt, with MVR 1 billion having been spent on these projects alone. He said then that only 45 percent of the work had been completed, with another MVR 1 billion, at least, required to bring the projects to completion.
He also said then that there was an illicit business of selling gensets and engines set up within the company, asserting that this, too, would be submitted for investigation by the ACC.
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