Corruption charges have been brought against former Fenaka Corporation Managing Director Ahmed Saeed and Chief Accountant Mohamed Massood.
According to the Anti-Corruption Commission (ACC) the two are alleged with misconduct in the procurement of an ice plant developed by Kaizan Investment Pvt Ltd at L. Maamendhoo. Both individuals had allegedly acted in violation of the Fenaka Corporation’s policies to extract illicit benefit in the matter.
The ACC report revealed that the procurement of said ice plant from Kaizan Investment in 2023 was made during Fenaka Corporation’s 18th general meeting of the board even though Saeed was aware of the negative ‘internal rate of return’ and ‘net present value’ in the project.
The decision was also made after it was announced that the Ministry of Fisheries had entered into an agreement with Fenaka Corporation to develop another ice plant in Maamendhoo.
“Saeed had provided wrong information to board members. The misinformation purported that the government’s policy regarding the ice plant project agreed with the Fisheries Ministry will change after Fenaka Corporation acquired Kaizan Investment’s ice plant,” the commission’s statement read.
ACC noted that the ice plant’s valuation was made above market rate, and though Fenaka Corporation had the capacity of assessing proper valuation of the project, it had created valuations based on the prices offered by the developer instead of evaluating the market value.
The commission had requested to press two separate charges against the alleged individuals. The two are looking at charges of abuse of power and acting to the detriment of the state.
Fenaka Corporation faced the highest number of corruption allegations during the previous administration.
In October last year, Saeed was placed under no flying order due to the criminal investigations against him by ACC while the Prosecutor General’s Office in December last year had pressed charges of abuse of power against him.
Both him and head of procurement, Mariyam Deena Solih faced the charges in relation to a 2018 transaction which involved a private company, Blazon Inc. It was alleged that Saeed had approved payment to Blazon Inc. under an agreement even though the private company did not complete its contracted task.