Managing Director of Fenaka Corporation Limited Muaz Mohamed has stated that 60% of the generators in the islands that the company provides services are damaged. He made the statement during a rally of the main ruling People's National Congress (PNC).
Speaking at the event, Muaz reiterated the deteriorating situation of Fenaka due to the negligence and mismanagement of the former management. He stressed that the islands were not guaranteed 24 hours electricity service and that the majority of the generators used to provide this service were damaged.
Additionally, Muaz said that Fenaka has now delivered 39 new generator sets for islands, as part of their efforts to enhance the services provided by the company. He noted that they paid the suppliers for the new generators and did not add to the already outstanding huge debt of the company.
Speaking about the outstanding debt of the company, Muaz disclosed that they have paid back USD 19.5 million owed to the public workers hired for various jobs. He added that the company is paying back the money owed to the suppliers and vendors. As such, Muaz disclosed that so far, 278 vendors have been paid.
Furthermore, Muaz explained that ships carrying goods to the islands refuses to carry any goods related to the company, as they had no faith in the company to pay the required fees. He stated that the company has been making the outstanding payments and clearing the backlog with monthly payments.
The Anti-Corruption Commission (ACC) has stated that 60 projects handed over to the company during the previous administration was used for personal gains of the management. The commission is now investigating these cases with concentration on acts of treachery and bribery, abuse of office to gain and provide personal benefits, as well as unjust enrichment using the company projects.
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.