Managing Director of Fenaka Corporation Ahmed Saeed reveals the company has accumulated a debt of MVR 1.9 billion as of 2023, with 80% of the amount owed to private third-parties.
At the press conference held Wednesday, November 8, Saeed said the corporation owed MVR 1.4 billion to private companies and added that the utility provider has been repaying its creditors every month.
“The bills that do not have issues date back to one or one and a half years,” Saeed said.
Earlier in August 2023, several private companies held a press conference to voice their concerns about unpaid payments. A total of 19 contractors attended the conference in August where they claimed Fenaka owed the companies over MVR 300 million.
Saeed said that the company’s debt stood at MVR 1.2 billion when he assumed office in 2018, and said that for the last five years, the actual accumulation of debt is MVR 632 million.
Expenditure Breakdown
- Assets Acquisition: MVR 4 billion
- Total Assets Value: MVR 9.1 billion
- Debt: MVR 1.9 billion
- Debt (between 2018-2023): Increased by MVR 632 million
