Maldives: Fenaka’s once rumoured graft comes to light with shocking audit report

Maldives: Fenaka’s once rumoured graft comes to light with shocking audit report

SAM Staff,
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The latest audit report on Fenaka Corporation has exposed major cases of corruption within the state run utilities company.

The report signed by Maldives Auditor General Hassan Ziyath was released Wednesday amidst loud public accusations of Fenaka being a “graft hub”. The report appears to confirm the speculations as the Auditor General’s Office has detailed several issues of graft involved in Fenaka’s transactions and dealings, including purchase of US Dollars and fuel, awarding of projects and release of large sums of money.

The audit report highlighted that Fenaka Corporation does not have a transparent, competitive bidding policy to manage its assets, services and project assignments. Fenaka has operated a number of projects in ways that provide illegitimate gains to specific companies or entities, the report said.

Furthermore, the Auditor General noted that corruption had been involved in purchase of generators, purchase of US Dollars from unauthorized sellers to whom MVR 5 million had been paid as commission, 23 transactions of MVR 12.6 million without payment vouchers, and 14 transactions of MVR 34 million without invoices.

The report further disclosed that Fenaka had issued funds in advance before awarding projects to contractors, which is a violation of contract policies. The company has also spent MVR 21 million to purchase diesel from private suppliers.

The audit report listed several more unlawful transactions and corruption cases uncovered from Fenaka Corporation.

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