Fenaka MD Reveals Billions of Rufiyaa Invested, Yet Projects at Standstill

Billions of Rufiyaa have been expended while Fenaka projects grind to a halt, as revealed by the Managing Director of Fenaka Corporation during a recent meeting with constituents in B. Kendhoo island.

MD Muaz Mohamed Rasheed unveiled that the company’s financial predicament is dire, with a staggering debt tallying up to MVR 4.3 billion at the onset of the current administration. Despite a revenue stream of MVR 120 million, the burden of salaries for its 8,000-strong workforce drains MVR 86 million monthly, exacerbating the financial strain, he said.

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Focusing on the stalled projects, Muaz divulged that MVR 1 billion has been poured into 60 office construction projects across rural areas, with only 45 percent nearing completion. He underscored the inflated costs and inefficiencies plaguing these ventures, exemplified by a market office initially budgeted at MVR 23 million but now ballooning to MVR 55 million, yet still largely unfinished.

The mismanagement extends to Fenaka’s infrastructure, with Muaz reporting that out of 502 generators in possession, a staggering 302 lie beyond repair due to negligence in maintenance over the past five years. Alarmingly, while MVR 100 million has ostensibly been earmarked for generator repairs, no tangible progress has been made, with essential equipment left unpurchased, according to Muaz.

He further revealed systemic corruption within Fenaka, particularly in transportation logistics, with an annual expenditure of MVR 100 million yielding little results as the corporation lacks its own maritime assets. Furthermore, Fenaka’s debt obligations extend to MVR 2 billion owed to the State Trading Organization (STO), with payments now underway after a hiatus since 2019.

Acknowledging the gravity of the situation, Muaz pledged to rectify the mismanagement and settle outstanding debts within the next two and a half years. He promised to initiate legal action against corrupt practices within the corporation, signalling an impending referral to the Anti-Corruption Commission.