The Auditor General’s Office has uncovered that former Fenaka Corporation Managing Director Ahmed Saeed awarded contracts worth nearly MVR 50 million to companies connected to his family between 2021 and 2023.
The report reveals that 92 agreements were signed with three family-linked firms, with more than MVR 31 million disbursed by the end of last year. It remains unclear whether these contracts have since been terminated.
84 contracts valued at MVR 16.5 million were awarded to a company registered under Saeed’s brother-in-law’s son, primarily for aluminium door construction across Fenaka’s island powerhouses and offices.
Another company, owned by Saeed’s brother-in-law, secured multiple contracts for developing office buildings, power stations, transformer huts, and fuel tanks. By the end of 2018, Fenaka had paid this firm MVR 10 million.
A third family-linked company signed two agreements worth MVR 11.7 million for constructing a power station and an office building, receiving MVR 4.5 million.
The Auditor General noted that these agreements were signed in violation of Fenaka’s internal regulations and in ways that facilitated opportunities for corruption. Alarmingly, 41 of 57 projects awarded during the period remain incomplete.
Saeed has previously faced allegations of financial misconduct. He was charged with misappropriating profits from an ice plant run by Kaizen Investments in Maamendhoo, Laamu Atoll, a case that was referred to the Anti-Corruption Commission (ACC). The ACC confirmed it is investigating six separate cases against him, and his passport has been withheld in connection with ongoing proceedings.