Fenaka chief Muaz quits

Muaz Mohamed Rasheed on Monday stepped down as the Managing Director of Fenaka Corporation, citing the company’s financial challenges and operational constraints.

In a resignation letter addressed to President Mohamed Muizzu, Muaz stated that he had fulfilled his responsibilities to the best of his ability but highlighted the difficulties of managing Fenaka within its current financial circumstances. He noted that while companies are generally expected to operate within their income, Fenaka's financial position made this unfeasible.

Muaz emphasised his efforts over the past year to strengthen operations and reduce costs but acknowledged that these measures alone could not address the company’s significant debt. He stated that Fenaka's operational plans to address the financial crisis had been shared with relevant parties, but no progress had been made.

He pointed out the delay in paying employee salaries for October and November as a key indicator of the company’s deteriorating condition, noting that such delays had not occurred in recent years.

In his letter, Muaz outlined several issues contributing to Fenaka's challenges:

Muaz concluded by expressing concern about the company's inability to sustainably provide essential services, prompting his decision to resign.