Fenaka Takes MVR 200 Million Loan with Gov’t Guarantee

Fenaka Corporation has procured a loan, amounting to MVR 200 million, with the assurance of government backing. 

For the loan, the interest payments are anticipated to reach MVR 12.66 million. When combined, the estimated total cost of loan repayment surpasses MVR 218 million, equating to an effective interest rate of 5.10%.

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Fenaka has long grappled with a substantial debt burden, owing billions of MVR. This predicament has also resulted in unpaid dues to various businesses, amounting to millions. 

Furthermore, allegations of corruption have dogged the organisation, casting a shadow on its financial affairs.