The current Managing Director of STELCO, Dr. Ali Azwar, has been appointed as the temporary Managing Director of the state-owned enterprise Fenaka Corporation, which is set to be dissolved.
This change was brought about because Mohamed Afeef Hussain, who was appointed to the post of Fenaka MD on April 27, was dismissed from the position yesterday. That step was taken as the government has now initiated the stages of dissolving Fenaka.
Fenaka stated that Azwar was appointed to the position of Executive Director and Acting Managing Director of the corporation today, while Ibrahim Nizam (H. Hudhuriyaa) was appointed to the Board of Directors.
Nizam, who was newly appointed to the board of Fenaka, is an employee who has been working at STELCO since 1997. He is currently in charge of running the company's Renewable Energy Department. Nizam has attained a Master's degree in Electrical Power Engineering.
Azwar, who previously served as STELCO's Chief Mechanical Engineer, was temporarily put in charge of STELCO in January this year. Afterwards, the Privatization and Corporatization Board (PCB) officially appointed him to the company's MD post last April.
President Dr. Mohamed Muizzu announced on the 7th of last month that the government has decided to dissolve Fenaka Corporation, which provides water and sewerage services to the islands of the Maldives, and to transfer the provision of electricity services in all islands of the Maldives under the supervision of STELCO.
The President stated that day that the report from the Auditor General's Office reveals atrocities committed under the name of Fenaka during the previous administration, and therefore efforts had been made to improve its services.
Citing technical experts, the President stated that Fenaka is not a company that can be run properly in a sustainable manner, and therefore the government decided to dissolve the company. The President stated that following this, all work previously conducted by Fenaka will be carried out under the supervision of STELCO.
