ACC recovery order involves pre-2018 graft cases: Fenaka
Fenaka’s debts amount up to billions of Rufiyaa. Businesses are owed millions and there are many allegations of corruption related to Fenaka.
By
Aishath Fareeha Abdulla
The recovery of MVR 20 million ordered by the Anti-Corruption Commission (ACC) involves corruption cases that took place within the company in previous governments, Fenaka Corporation said on Wednesday.
The ACC said on Tuesday that it is investigating 75 cases related to the state-owned utilities company, which has been accused of corruption and has now been ordered to recover more than MVR 20 million so far.
The ACC said in a statement on Wednesday that ACC's figures are the total the number of cases against the company since its inception in 2012.
In addition, the company has been ordered to recover MVR 20 million from the responsible parties in connection with four transactions conducted by the company from 2011 to 2017.
These include, according to Fenaka:
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A former finance director of Southern Utilities has been arrested for allegedly receiving MVR 240,000 from the company's budget
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MVR 1 million as compensation incurred by a private company in 2015 for non-deduction of penalty amount to be deducted as per the company's procurement policy.
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In 2016, the company received MVR 17.8 million in a transaction with a private company to purchase dollars required by the company
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In 2017, the Company lost MVR 1.3 million in a transaction with a private company for the procurement of billing software
Fenaka’s debts amount up to billions of Rufiyaa. Businesses are owed millions and there are many allegations of corruption related to Fenaka.
At the end of last year, Fenaka had outstanding debts of MVR 2.22 billion to various parties and the company was in a financially fragile position, according to the financial reports released by the Privatisation and Corporatisation Board (PCB), which oversees state-owned companies.
Fiscal highlights of Fenaka at 2022-end:
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Revenue stood at MVR 2.1 billion while expenditure stood at MVR 2 billion
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Expenditure increased by MVR 1.4 million
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Expenditures increased in the areas of staff training, recreation clubs, staff accommodation and meals
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The company reported a profit of MVR 15.6 million
