
Former Fenaka chief Saeed charged in additional fraud case
ACC submitted the case on 13 April, alleging that Saeed unlawfully intervened in the acquisition process.
Ahmed Saeed Mohamed, former Managing Director of Fenaka Corporation during the previous administration, has been charged with abuse of official authority in connection with the procurement of an ice plant in L. Maamendhoo.
According to the Prosecutor General’s Office, the Anti-Corruption Commission (ACC) submitted the case on 13 April, alleging that Saeed unlawfully intervened in the acquisition process. The charge was formally filed at the Criminal Court on 20 May. The offence carries a basic sentence of one year, seven months, and six days of imprisonment.
A hearing scheduled in the Criminal Court was later cancelled.
The Prosecutor General’s Office stated that following an agreement signed between Fenaka and the Ministry of Fisheries, the project was executed outside procedural requirements. The case file outlines that:
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An existing ice plant on the island was purchased at MVR 11.2 million without first pursuing Fenaka’s plan to construct one internally.
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The decision was taken without disclosing at the board meeting that a separate project was already underway.
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The transaction was not reviewed by the tender evaluation committee.
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The business plan prepared by PHE had assessed the project as financially unviable.
The charge further alleges that Saeed, while serving as Managing Director, signed off on the payment to Kaizan Investment for the acquisition.
This is one of 75 alleged fraud cases linked to Fenaka under the previous government currently under investigation. In another case, Saeed has also been charged with authorising payment to Blazon Inc., a marketing and business management firm, without verification of project completion. That case reportedly resulted in a loss of MVR 848,000 to Fenaka.