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Fenaka complies with ACC order to halt mega sewerage project

20 December 2018, MVT 17:10
A previous press conference held by Fenaka Corporation.
20 December 2018, MVT 17:10

Fenaka Corporation announced on Wednesday that they will cooperate with the Anti Corruption Commission (ACC)’s order to halt the project to develop sewerage systems on 20 islands, which was awarded to a Sri Lankan company.

The project was signed over to Haycarb Public Limited last July for MVR 866 million, under former President Abdulla Yameen Abdul Gayoom’s administration.

Anti-Corruption Commission ordered Fenaka, Ministry of Finance and President’s Office to annul the contract, on Monday.

In the statement released regarding the commission’s order, Fenaka announced their full cooperation and added that they always act in the best interest of citizens and the company.

The statement further declared that Fenaka had informed the previous government that it was inadvisable to move forward with the project under the company’s management. Fenaka had also notified Yameen’s administration that the project would not provide sustainable profit for Fenaka, and taking a loan to move forward with the sewerage system project while already facing financial difficulties would hinder Fenaka’s probability of acquiring loans for future projects, according to the statement.

The corruption watchdog instructed the President’s Office and Ministry of Finance to terminate the project after noting a total of 12 complications related to the contract, including alleged corruption and possible bankruptcy of Fenaka.

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