Corruption in Fenaka ice plant deal: ACC seeks to prosecute former MD Saeed

Anti Corruption Commission (ACC) has forwarded a case to the Prosecutor General’s Office seeking charges against former Fenaka Corporation Managing Director Ahmed Saeed and former Chief Accountant Mohamed Masood over alleged corruption in the purchase of an ice plant.

The case concerns the acquisition of an ice plant developed by Kaizen Investment in Laamu atoll Maamendhoo.

According to ACC, both officials violated Fenaka's regulations and acted in ways that resulted in their undue enrichment and financial loss to the state.

ACC alleges that Saeed knowingly pushed for the purchase of the ice plant on the island despite it being a loss making venture and misled the Fenaka board during a time when the company was preparing to develop a separate ice plant on the island. He falsely claimed that government policy on ice plants established under the ministry would shift.

Masood is accused of overvaluing the project and proposing a purchase price higher than the market rate, without proper consideration of its market value.

ACC has recommended prosecution on charges of abuse of official position and conduct detrimental to state interests.

Saeed's passport has already been confiscated amid ongoing investigations into multiple allegations of fraud during his tenure under former President Ibrahim Mohamed Solih’s administration.

Numerous complaints have previously been submitted by Fenaka staff regarding alleged misconduct, including awarding contracts for personal gain.