ACC orders Fenaka to suspend oil tank replacements
ACC is currently investigating how Fenaka procured equipment for the renovation of oil storage tanks in some islands.
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By
Fathmath Ahmed Shareef
The Anti-Corruption Commission (ACC) on Thursday ordered the Fenaka Corporation to suspend the replacement of oil storage tanks in some islands as an investigation is ongoing regarding the work underway.
The ACC on Thursday said it has issued the order following an investigation into a complaint alleging corruption in the company's efforts to procure equipment for the renovation of oil storage tanks in some islands.
"The ACC has ordered the company to suspend all proceedings in this regard," the ACC said in a statement.
However, the commission did not give further details of the case.
The Privatisation and Corporatisation Board (PCB), which oversees state-owned companies, has asked companies not to start any new projects as the process of change of government or transitional phase is now underway. The Office of the President-elect has also asked the PCB to instruct state-owned companies not to do such things.
Fenaka officials have always been accused of massive corruption and the company owes more than MVR 2.8 billion to the private sector. Fenaka has also recently taken out a loan of MVR 400 million from Islamic Bank to facilitate the repayment of the debt.
