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.<\/p>\n
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.<\/p>\n
The two men have been alleged of acting in violation with Fenaka Corporation’s procurement policies.<\/p>\n
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”.<\/p>\n
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.<\/p>\n
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.<\/p>\n
It was also noted that Kaizen Investment’s ice plant had been deliberately valued above market rate.<\/p>\n
Although Fenaka Corporation had the tools for an accurate valuation, it had instead relied on the numbers provided by the private company.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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<\/p>\n","protected":false},"author":4,"featured_media":15176,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423,2464,2428],"tags":[107,645,2250,2251],"class_list":{"0":"post-15175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-local-news","9":"category-public-sector","10":"tag-anti-corruption-commission-acc","11":"tag-fenaka-corporation","12":"tag-utility","13":"tag-utility-companies"},"yoast_head":"\n