The Criminal Court has sentenced Ahmed Saeed Mohamed, the former Managing Director of Fenaka Corporation, to 4 years in prison after finding him guilty of misusing his official position. The court today proceeded with the charge of misuse of official authority against Saeed and another senior official of the company. The charge was filed in relation to a case where funds were released to Blazon Inc Private Limited for work under an agreement between Fenaka Corporation Limited and Blazon Inc Private Limited, without the work being completed and without verifying its completion.
The case against former Fenaka MD Ahmed Saeed and the company’s then Procurement Head Mariyam Deena Salih was filed late last year. The Anti-Corruption Commission (ACC) has previously stated that they are investigating several serious cases involving former Fenaka executives and are consulting with the Prosecutor General’s Office regarding pressing charges in these cases. During the previous MDP government, under former President Ibrahim Mohamed Solih’s administration, a special audit report released by the Auditor General’s Office revealed that MVR 2.2 billion or MVR 2000 million of state funds had been misappropriated through Fenaka Corporation.
According to the audit report, the theft committed through Fenaka Corporation during the previous MDP government is the largest embezzlement from a state company in the history of the Maldives.
