As President Dr. Mohamed Muizzu announced that electricity services across Maldives will be handed over to STELCO, a survey is being conducted regarding the status of the islands the company will be in charge of.

On 7th September during a press conference, President Muizzu announced the government decided to dissolve Fenaka Corporation and transfer all its services under STELCO.

STELCO stated today that in line with the President's decision, a survey to discern the state of islands that the company will be in charge of has begun.

The company also said they have teams in Addu and Thinadhoo conducting a utility service survey.

According to the President, all the issues of corruption and misappropriation conducted within Fenaka are clearly evident through reports from the Auditor General's Office. With this, several efforts had been taken to improve and correct services at Fenaka, he added.

Citing technical experts, the President said that Fenaka is no longer a company that can be sustainably operated. Due to this, the government has ultimately decided to dissolve the company, he said.

Once Fenaka is dissolved, all services provided by the company will then be transferred under STELCO, the President explained.

While the government has decided to dissolve Fenaka, the Anti Corruption Commission is looking into 161 cases against the company, after which MVR 21.4 million is to be recovered.

Fenaka's audit report highlights several instances of corruption committed during former President Ibrahim Mohamed Solih's administration. In one such case, former Fenaka MD Ahmed Saeed has received a prison sentence.

Even at present, Fenaka has over 8,000 employees. Fenaka has said that the high number of employees, and the subsequent costs of salaries, has led the company to face struggles in acquiring necessary spare parts and fuel for generators.