Fenaka Corporation, state-owned utility provider besides STELCO, has sought the assistance of the Anti-Corruption Commission (ACC) to improve the company’s operations.
Fenaka confirmed this via X (formerly Twitter), noting that it had actively engaged with ACC to explore strategies on improving the company’s various processes. It added remaining committed to maintaining “highest standards of integrity and professionalism in every aspect of” its operations.
An official of Fenaka was quoted by local media Sun, that the discussions with ACC were initiated seeking the commission’s expertise to further improve the utility provider’s functions, and added the commission was the most suited in providing assistance to its requirements.
Opting for ACC’s support appears to work best for Fenaka, a company that not only has operated in financial losses for years but also, been mired in corruption in previous years.
Its current management, led by Managing Director Muaz Mohamed Rasheed, aims to mop-up the issues of the utility provider, including 25 active corruption cases tied to the former management already lodged with the commission.
Fenaka is also on a drive to boost profitability while its Managing Director earlier confirmed the company’s expenses have been reduced by 60%. The company’s debt burdens currently stand at MVR 1.7 billion.