Parliamentarian for South Feydhoo constituency Ibrahim Didi ha submitted a motion to Parliament seeking to investigate alleged negligence by former executives of Fenaka Corporation Limited. The motion aims to address disruptions in public services and financial mismanagement that have reportedly caused significant damage to the company.
During the parliamentary session, Ibrahim Didi highlighted several concerns, including allegations that USD 6.5 million was spent solely on transportation during the tenure of former Managing Director Ahmed Saeed, claims that USD 64.9 million was allocated to 60 different projects that remain incomplete, with no clear account of where the funds were used and current financial difficulties faced by Fenaka, allegedly stemming from mismanagement during the previous administration.
Ibrahim Didi specifically called for the former Managing Director to be summoned before Parliament to answer questions regarding these financial matters.
Echoing these concerns, Parliamentarian for Baarashu constituency Ibrahim Shujau noted that Fenaka inherited a debt of USD 259.7 million when the current administration took office. He highlighted the poor condition of power plants across various islands and criticised the alleged reckless spending by previous Fenaka officials.
In response to these revelations, several parliamentarians voiced their support for a thorough investigation into the matter. They emphasised the need for accountability and stressed that instances of financial mismanagement in state-owned enterprises must be thoroughly examined.
Overall, the motion aims to shed light on alleged financial irregularities and mismanagement within Fenaka Corporation during the previous administration, with the intention of identifying responsible parties and ensuring such issues do not recur.