This decision involves two separate rulings, one for MVR 5.2 million and another for MVR 1.5 million.
Civil Court has ordered Fenaka Corporation to withhold MVR 6.7 million from its accounts due to unpaid dues to a third party.
This decision involves two separate rulings, one for MVR 5.2 million and another for MVR 1.5 million.
These orders were issued to enforce judgments from two cases handed down last year, where Fenaka was instructed to pay but has not yet done so. The corporation did not appeal these rulings and has agreed to pay the amounts in court.
Fenaka, currently heavily indebted, will be transferred to the State Trading Organization (STO) from January next year.
The company owes MVR 2 billion to STO for fuel purchases. Despite paying MVR 800 million to STO and other companies, Fenaka still has an outstanding debt of MVR 4.1 billion.
STO CEO Shimad Ibrahim has expressed optimism that converting Fenaka into a subsidiary of STO will improve its financial position and potentially make it a profitable enterprise.
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