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Fenaka DMD resigns, makes graft allegations on Chairman and MD

Mohamed Rehan
21 September 2022, MVT 12:22
Fenaka MD Ahmed Saeed; his deputy made serious graft allegations on him--
Mohamed Rehan
21 September 2022, MVT 12:22

The Deputy Managing Director of Fenaka Corporation resigns after making heavy allegations on the company's Chairman and Managing Director.

Ibrahim Waheed, the utility provider's deputy MD has said he cannot condone the practices at the corporation.

Waheed alleges both Chairman Mohamed Rasheed and MD Ahmed Saeed incapable of their responsibilities. He alleged the company was MVR 1.5 billion in debt owing to the inefficiency of the two men.

The deputy MD had further noted the company's debt stood at just MVR 60 million prior to Rasheed and Saeed taking helm of the company.

In his resignation letter, Waheed bemoans the conduct of MD and Chairman alleging the two were endorsing company's expenses on third-parties unrelated to the the transactions of Fenaka. He also alleged the two were illicitly profiteering through the company's earnings, which has led to several small to medium tier companies taking the fall.

Waheed also alleges Fenaka Chairman of covering up scandalous conduct. The deputy MD added the state ordered resolutions on the company's regulations to effect alleged corruption of the MD, have been covered up as well.

Chairman Rasheed had constantly intervened Waheed from acting on his responsibilities at the company, according to the deputy MD who joined Fenaka Corporation in 2019. He further claimed of being barred from accessing company data for over three years.

The resigning deputy also highlighted non-responsiveness from the Chairman to his previous letters, adding Rasheed interrupted several previous attempts at discussing the issues during board meetings.

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