Fenaka awarded MVR 49mn in projects to firms linked to Saeed's family

The audit report has revealed that during the previous MDP-led administration, Fenaka Corporation - under Managing Director Ahmed Saeed - awarded MVR 49.7 million in contracts to three companies linked to Saeed's family. 

The audit report published Thursday night by Auditor General Hussain Niyazi after a special 2021-2023 audit of Fenaka shows that during this period, 92 agreements were made with three companies with ties to Saeed's family seeking goods and services. 

These companies are Shelter Holdings Pvt Ltd, Pawarey Investment Pvt Ltd and Coral Investment Pvt Ltd. 

As per the report, two of these three companies are owned by Saeed's brother in law. The other company is owned by a son of a brother in law. 

As per the audit report, Fenaka made 84 agreements with Shelter Holdings Pvt Ltd, worth MVR 22.2 million. The projects were awarded without a tender process, and MVR 16.4 million had been issued to the company. 

The projects awarded to this company mainly consisted of affixing aluminium doors on power houses and offices built in islands. 

The report states that 6 projects worth MVR 15.7 million was awarded to this company. Of this, MVR 10.1 million was issued. 

This company was awarded projects concerning new office premises, power houses, and construction of fuel tanks for power houses on three islands. 

Two agreements, for the construction of a power house and office building, was contracted to this company for MVR 11.6 million. Of this, MVR 4.5 million had been issued. 

The total funds disbursed to these three companies come to MVR 31.1 million. 

In 2021, during the administration of former President Ibrahim Mohamed Solih, the Anti Corruption Commission had flagged to the president concerns of corruption by Saeed in Fenaka.

Then ACC President Mariyam Shiuna informed President Solih in a letter that while some complaints against Fenaka had been investigated, others remained under review. The letter noted that their findings pointed to corrupt practices within the company. 

Despite the allegations of corruption within Fenaka, no action was taken before the administration left office.