Saeed to Resign from FENAKA Corporation

FENAKA Corporation’s Managing Director, Ahmed Saeed, has tendered his resignation from the post, effective this Friday, citing a lack of interest in continuing his role. 

Saeed confirmed the submission of his resignation letter to the Privatisation and Corporatisation Board (PCB).

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The move comes amid a changing landscape in leadership for state-owned companies, with new appointments anticipated following the swearing-in of President-Elect Dr. Mohamed Muizzu on Friday.

The Office of the President-Elect had previously flagged concerns about irregularities in the financial and administrative operations of Fenaka. Notably, an unusual increase in the company’s workforce, reaching 747 employees from March of this year to the present, was highlighted.

Addressing allegations of corruption against Fenaka in a press conference last Wednesday, Saeed emphasised that none have been proven, and he challenged the incoming administration to substantiate such claims.

The Privatisation and Corporatisation Board’s quarterly report for the first quarter of the year indicated that Fenaka had the highest number of employees among state-owned companies, totaling 7,000 by the end of March. Saeed attributed this surge to the initiation of services at newly established stations across atolls.