Muaaz Rasheed refutes illegal transactions

During his tenure as Managing Director of Fenaka Corporation, Muaaz Mohamed Rasheed stated that no payments were made to any company outside the bounds of the legal framework.

Amid the campaign period for the 20th Parliament, allegations surfaced claiming that funds were transferred from the company for campaign purposes. A Suspicious Transaction Report (STR) from the Financial Intelligence Unit (FIU) of the Maldives Monetary Authority (MMA) was leaked on social media by an unknown individual.

It has been learned that the leaked STR is an authentic document. According to the report, Fenaka transferred MVR 2.5 million to Kenco Pvt Ltd just three days before the parliamentary elections.

The FIU flagged the transaction due to its unusual timing of it: late in the evening and precisely three days before the election. Between January 1, 2023, and September 30, 2023, a total of 47 transactions were recorded between Fenaka and Kenco, amounting to MVR 37 million.

Further concerns were raised by the FIU's observation that Kenco did not import the goods that were reportedly sold to Fenaka during this time.

Speaking to Mihaaru about the matter, Muaaz stated that all payments made by Fenaka, both before and after the elections, were legitimate and in accordance with the company’s financial obligations.

"Before and after the elections, Fenaka disbursed funds to companies as per regulations. No money was paid to any entity that was not entitled to it. No transaction was conducted illegally during my tenure," Muaaz asserted confidently.

On Thursday night, the Auditor General released an audit report highlighting alleged corruption within Fenaka Corporation from 2021 to 2023. The report claims that the company used its funds to support the parliamentary election campaign.