Fenaka Corporation Limited has said it is reviewing its procurement policy to align it with the guidelines of the Privatization and Corporatization Board (PCB).
The company also held a symposium to gather employees’ views on the new procurement policy.
Fenaka organised the symposium as part of efforts to further strengthen and modernise its procurement system. Discussions focused on the newly formulated procurement policy and gathered employees’ views and experiences to ensure the policy complies with applicable guidelines and aligns with the company’s operational requirements.
More than 50 Fenaka employees participated in the symposium, which covered key areas including procurement planning, bidding and evaluation processes, contract awarding and management, the complaints mechanism and record-keeping. Participants also discussed challenges under the existing system and exchanged views on how the new policy could address them.
Employees directly involved in procurement activities provided technical advice and guidance during the discussions. Fenaka said their input would help identify potential challenges in implementing the policy and support the development of a robust and effective policy suited to the company’s requirements.
Building on these discussions, Fenaka said it will continue efforts to align its procurement policy with PCB guidelines and establish a transparent, accountable and robust system capable of delivering effective results.
The review comes after concerns emerged over several projects that Fenaka awarded in violation of its procurement procedures. The Auditor General’s Office identified the issues in its special audit of Fenaka Corporation Limited concerning the procurement of goods and services, the company’s financial condition and the maintenance of its accounts.
Parliament’s Public Accounts Committee subsequently reviewed the audit findings. Following the review, Parliament on 11 August approved measures to address the issues identified by the Auditor General’s Office and revise Fenaka’s procurement procedures. Parliament also approved referring issues identified in connection with the report to the Maldives Police Service and the Anti-Corruption Commission.
The audit report found that Fenaka awarded projects worth approximately USD 144.62 million under 673 contracts between 2021 and 2023. Of these, Fenaka awarded 438 contracts outside the open bidding process, with the projects valued at approximately USD 84.31 million.