Fenaka Corporation Limited has asserted that its services and operations have adhered to the laws and regulations of the Maldives over the past five years under the current administration, with a commitment to refraining from hiring individuals for political reasons.
Speaking at a press conference, Managing Director of Fenaka Ahmed Saeed Mohamed dismissed all corruption allegations against the company. He said that there has been no substantiated evidence of corruption and all activities have been conducted within the legal framework established by the state over the last five years.
Additionally, Saeed highlighted the company's growing debt, disclosing a total debt of USD91 million, which the company is repaying each month. He expressed confidence that 90% of the debt would be settled by the end of 2027. He explained that the company had secured a USD26 million loan from the Maldives Islamic Bank (MIB), with the funds allocated to covering the State Trading Organisation (STO) fuel bill and supplementary committee expenses.
Furthermore, Saeed underscored the government's positive impact on public welfare during the past five years. He noted an expansion in the services provided by Fenaka, adding that the development would ensure the stability of the company's infrastructure for the next 40 years. He also highlighted substantial investments in island infrastructure upgrades and reiterated President Ibrahim Mohamed Solih's pledge to delivering essential services to Maldivian citizens with confidence and reliability throughout his administration.