Anti-Corruption Commission (ACC) has ordered Fenaka Corporation to reclaim over MVR 20 million related to multiple corruption cases concerning the utility provider.
The commission said it was currently investigating 75 distinct cases related to Fenaka. However, ACC did not mention the number of cases for which the money reclamation was ordered.
Several cases related to the utility provider involved abuse of authority for illicit and personal gains or benefits.
The commission also received multiple cases related to unlawful hiring, violation of procurement regulations, and issuance of payments or money in violation of the company's financial regulation.
ACC has ordered Fenaka to reclaim a sum total of MVR 20,504,491.54; all of which are related to various cases of misconduct or corruption.
The commission also made a list of 92 recommendations for Fenaka to improve, which include;
- Revise 48 aspects related to organizational management
- Rectify 24 aspects related to corporate policies
- Six issues related to corruption causing financial loss
- Six issues that require additional investigation
ACC earlier recommended to the President's Office on taking action against the utility corporation regarding the cases, but it is unclear if steps were taken by the state.
While the majority of state-owned enterprises (SOEs) incurred significant debt in the last five years, Fenaka Corporation currently has a debt over MVR 1 billion.
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