The last management of Fenaka Corporation used 60 projects handed over to the company by the previous administration for personal gain, says the President of the Anti-Corruption Commission (ACC) Adam Shaamil. He made the statement during the meeting of the Parliamentary Committee on Independent Institutions.
Speaking at the meeting, Shaamil stated that the ACC is working to identify the details of the 60 projects used by the former management of Fenaka for their personal gain. He stressed that the commission has already identified allegations of corruption in these projects, notably unjust enrichment. Shaamil added that the commission is investigating the financial situation and bank transactions of the people involved in these projects.
Additionally, cases of the company hiring selected people time to implement projects during a certain period of were also identified by the commission. Hence, the commission has the investigation concentrated on cases of abuse of office to gain and provide personal benefits, acts of treachery and bribery, as well as unjust enrichment using the company projects.
Furthermore, Shaamil noted that the state faced huge financial losses due to Fenaka and disclosed that USD 5,931, has been recovered so far. He, however, did not disclose the exact amount of money lost.
Fenaka is seen as the company with the most cases of financial mismanagement and corruption during the previous administration. As such, the current management of the company notes that the previous management has implemented free projects for huge banks and companies under the company’s social responsibility. It was also noted that the company was handed over projects for low prices that do meet the project cost by the previous administration and even public companies.
Meanwhile, Managing Director of Fenaka Muaz Mohamed Rasheed disclosed that 25 projects out of the 60 projects used by the precious management for personal gain were carried out without BOQ, with no regards to the market prices of these projects. He stressed that this has resulted in the company going into debt with no way to pay the suppliers.
Fenaka had a debt of USD 279.2 million when the new administration took to office in November 2023. It is noted that the previous administration spent USD 64.9 million on the 60 projects used by the previous Fenaka management for personal gain.