Managing Director of FENAKA Ahmed Shareef. FILE PHOTO: NISHAN ALI/MIHAARU
The state run utilities company Fenaka Corporation has produced a new regulation to buy US Dollars and forwarded it to state institutions for further opinion.
This regulation is produced at a time where Fenaka has given MVR 17 million to Sharu Launch Services Pvt Ltd to buy USD 1 million, which the company has failed to gain.
The Managing Director of Fenaka Ahmed Shareef told Mihaaru that the new regulation has now been sent to Anti-Corruption Commission and Privatization Board.
Without providing much detail, Shareef added that one difference of the new regulation includes that US Dollars cannot be bought from an institution which does not have authorized license from Maldives Monetary Authority (MMA).
Under MMA’s regulation, it is not allowed to buy USD from any company unauthorized by the central bank. Whereas Sharu Launch Services has not been authorized by MMA, State Electric Company (STELCO) in addition to Fenaka has also given MVR 3 million to Sharu Launch Services to buy USD.
STELCO and Fenaka have both filed lawsuits against Sharu Launch Services while Maldives Police Service has also started an investigation.
MMA has also requested Police to take action against the launch company for conducting US Dollar transactions.
The current management of Fenaka has now completed an internal report regarding the matter. Shareef said a decision will be made by Fenaka’s Board of Directors whether to take action against the staff involved in the matter.