The former Managing Director of Fenaka Corporation, Ahmed Saeed and the company’s Chief Accountant Mohamed Massood are facing corruption charges tied to a dubious procurement.
Anti-Corruption Commission (ACC) has reported the two men are alleged of misconduct, and abuse of power in extracting illicit benefit through a procurement deal. The deal in question is tied to the acquisition of an ice plant developed at AA. Maamendhoo by a private company called Kaizan Investment.
The two men have been alleged of acting in violation with Fenaka Corporation’s procurement policies.
A report from ACC noted that while the decision to acquire the said ice plant was made in 2023. The decision was made at a general meeting of the company’s board, where Saeed had allegedly provided misinformation about the project’s “internal rate of return” and “net present value”.
Moreover, the decision to acquire this plant had come not long after the Ministry of Fisheries entered into a contract with Fenaka Corporation for the development of another ice plant.
ACC highlights, this particular move, orchestrated by Saeed, had been an attempt to persuade a change in the government’s policy with regards to the agreement with Fenaka Corporation for the development of a separate ice plant.
It was also noted that Kaizen Investment’s ice plant had been deliberately valued above market rate.
Although Fenaka Corporation had the tools for an accurate valuation, it had instead relied on the numbers provided by the private company.
Following these findings, ACC has requested two charges be brought against both Saeed and Massood; which are abuse of power, and acting in detriment to the state.