Fenaka asked to recover MVR 21 million in graft cases, ACC says
The ACC also instructed Fenaka to address 96 issues identified in relation to company operations and governance.
Top Stories
The Anti-Corruption Commission (ACC) has ordered Fenaka Corporation to recover more than MVR 21 million in relation to 161 cases of alleged corruption.
The directive follows the Auditor General’s report on Fenaka for the period 2021–2023, which was released last week. President Mohamed Muizzu subsequently instructed relevant authorities to investigate the findings.
In a statement issued on Thursday, the ACC confirmed that investigations were underway. “The commission is investigating 161 cases of Fenaka Corporation,” the statement said.
According to the ACC, 13 cases have been forwarded for duty prosecution with the Prosecutor General’s Office, while nine cases have been referred since 2022. Some have already led to charges and convictions.
“So far, the commission has ordered the company to recover MVR 21,458,280.86,” the statement added.
The ACC also instructed Fenaka to address 96 issues identified in relation to company operations and governance. These include:
-
49 issues concerning operational procedures,
-
26 matters relating to company policies,
-
10 cases involving the recovery of financial losses caused by corrupt practices, and
-
8 issues requiring internal investigation by the company.
Key audit findings (2021–2023):
-
Fenaka spent MVR 8.8 billion on goods and services, including procurement outside tender processes at inflated prices.
-
674 contracts worth MVR 2.22 billion were awarded, with 65% (MVR 1.37 billion) given without competitive bidding.
-
More than MVR 1 billion was spent on 57 power plant and office construction projects; 41 remain incomplete, with an estimated additional cost of MVR 241 million.
-
Power plant projects were costed MVR 767 million above market prices.
Meanwhile, separate reports have revealed that in the run-up to the last parliamentary elections, Fenaka disbursed MVR 12 million to two companies, which was subsequently transferred to various accounts. The Maldives Monetary Authority’s Financial Intelligence Unit (FIU) has prepared a report on these transactions, covering the period from 2023 to September 2024. The ACC has not yet confirmed whether it is investigating these specific transfers.
