President orders probe into Fenaka graft in MDP govt
The audit report was published on Thursday night.
President Mohamed Muizzu has directed state institutions to investigate alleged fraud uncovered in the Auditor General’s report on Fenaka Corporation covering 2021–2023.
Speaking in Th. Thimarafushi on Friday, the President said he had asked the police, Anti-Corruption Commission (ACC) and the Prosecutor General’s Office to expedite inquiries into the matter. The report was published on Thursday night.
“It [the audit report] says that hundreds of millions of rufiyaa have been embezzled. Then the police have started what they have to do. That is exactly what I said. We have informed the ACC, we have informed the Prosecutor General to expedite this,” he said.
The President said the misuse of public funds had left Fenaka weakened and added that other state-owned companies had also faced losses due to mismanagement.
He recalled his earlier pledge to introduce an asset recovery law to reclaim funds lost to corruption. The President said the bill would be presented when Parliament reconvenes and that it would allow authorities to pursue those involved in past fraud cases, including the Maldives Marketing and Public Relations Corporation (MMPRC) case.
“Once the law is implemented, government agencies will go after all those who have committed major thefts. No one will be exempt,” he said.
Findings in the Fenaka Audit Report (2021–2023):
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Fenaka spent MVR 8.8 billion on goods and services; a portion of this was outside tender procedures and at inflated prices.
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The company awarded contracts worth MVR 2.22 billion for materials and water and sewerage projects. Of these, 65% (439 contracts worth MVR 1.37 billion) were awarded without competitive bidding.
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Over MVR 1 billion was spent on 57 rural power plant and office construction projects; 41 projects remain unfinished, with an estimated additional cost of MVR 241 million.
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Power plants were constructed at a cost MVR 767 million above market rates.
