Fenaka announces reforms, affirms management's policy compliance

Fenaka Corporation has stated that reformative actions are being taken in response to the acts of corruption flagged in the audit report as having occurred at the company in the last three years of the past MDP administration. 

The audit report released by Auditor General Hussain Niyazi last Thursday night covers Fenaka operations from 2021 to 2023. The report reveals major acts of corruption, especially concerning then-Fenaka Managing Director Ahmed Saeed. 

A statement issued by Fenaka Corporation last night in response to the audit report states that reformative measures are being taken immediately. 

This involves setting up a monitoring system to ensure procurement and operational policies align with established regulations. Also proposed is strengthening communications with stakeholders and the system for reporting and information sharing. 

A key reform ensures that at any breach of law, regulatory violations, or neglect of duty are promptly reported to the appropriate State authorities. Fenaka said that this is to prevent reccurence of issues such as those flagged in the audit report.

Fenaka emphasized that the current management operates fully in accordance with legal and regulatory frameworks.