Fenaka Corporation corruption cases of MVR 72 Million at ACC: MP Latheef

West-Henveiru MP Hassan Latheef has said that alleged corruption cases involving Fenaka Corporation, amounting to MVR 72 million, has been lodged to the Anti-Corruption Commission (ACC).

The resolution submitted by Maduvvari MP Adam Shareef urged the utility provider to expedite payments to third-party companies, including suppliers, and to conduct management and financial audits, as well as establish a debt repayment plan.

While debating on the resolution, MP Latheef said that three major issues from the utility provider were observed.

MP Latheef said that Fenaka Corporation owed millions in outstanding payments to third-party contractors, with 31 different corruption cases related to the company amounting MVR 71.9 million lodged in ACC.

"These cases require investigation. If they are not probed, it will provide added motivation for those involved in corruption to engage in such misconduct even more," Latheef said.

The MP further said that the cases were reported to ACC by Fenaka Corporation employees. The commission however, has not commented on the matter.

Third-party contractors face bankruptcy

Several opposition MPs who debated on the resolution said that many of the third-party contractors to whom Fenaka Corporation owed money, are already facing bankruptcy.

Earlier in September, a group of third-party contractors providing various services to Fenaka Corporation said that the utility provider owed them a total of over MVR 300 million.

However, Mihaaru News learned that the outstanding payments Fenaka Corporation owed to contractors amounted to a total of MVR 2.8 billion.

Hulhudhoo MP Ilyas Labeeb urged for immediate investigation on the corruption allegations levied on the corporation, and called to expedite paying the outstanding payments to the contractors.

North-Maafannu MP Imthiyaz Fahmy said that, including Fenaka Corporation, the government had created new employment opportunities from various state-owned enterprises (SOEs) ahead of the presidential election. He emphasized the need to investigate and prevent such practices in the future.