Fenaka Corporation Limited has submitted alleged corruption cases related to 2 former parliamentarians to Anti-Corruption Commission of the Maldives (ACC) and Presidential Commission on Corruption and Asset Recovery.
Speaking at the Parliamentary Committee on State-owned Enterprises, Managing Director Ahmed Saeed Mohamed said Fenaka purchased fuel for well-above market prices from companies affiliated with former Parliamentarian Abdul Raheem Abdulla and former Parliamentarian Riyaz Rasheed.
Explaining the allegations, Ahmed Saeed Mohamed said companies with affiliations with former ruling party parliamentarians purchased fuel from Fuel Supply Maldives (FSM), a subsidiary of State Trading Organisation (STO), at a low cost of USD 0.53 per litre, which was then sold to Fenaka, a state-owned utility company, at a rate of USD 1.81 per litre.
The managing director revealed when he assumed his duties at Fenaka, the company owed over USD 42.605 million to FSM. He revealed Fenaka had now paid USD 25.252 million to FSM in the past few months.