Fenaka: No audit reports; deficit budget lacks financing details
Firzul shared information about the financial accounts of Fenaka at the press conference.
By
Aishath Fareeha Abdulla
Fenaka Corporation's debt exceeded MVR 4 billion at the end of last year, and the company has not audited its financial statements at the end of the year and its budget has been prepared to run the company by borrowing large amounts, the president-elect's office said on Thursday.
Briefing about the reports prepared by the transitional committees looking into the performance of government companies and agencies, transitional spokesperson Mohamed Firzul briefed about the state of government utility companies at a press conference held in M. Dhimyat Thursday afternoon.
Regarding Fenaka, which provides water, sewerage and electricity services in the islands, Firzul said the company's debt stood at MVR 4.1 billion as of last year and it had not prepared its financial report due at the end of the year.
"They have not shared their 2023 management financial statements with us. Nor have they shared inventory details and details of unpaid vendors," he said.
Firzul shared information about the financial accounts of Fenaka, which is accused of corruption:
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The company's debt stood at MVR 4.1 billion as of last year
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This includes MVR 3.2 billion owed to suppliers
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1,149 suppliers not paid
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The debt includes MVR 958 million that has been outstanding for more than a year
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The company has taken out loans of MVR 901 million
Firzul said:
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Fenaka was not audited last year
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The company's management financial plan has not been prepared for this year
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The company declined to share with the transitional committee a list of outstanding vendors
“However, the budget was passed with a huge debt, the company has added employees and carried out procurements and projects,” Firzul said.
