The Auditor General’s Office (AGO) has said that Fenaka Corporation’s financial condition deteriorated under the previous MDP government because all responsible agencies failed to carry out their duties.
Speaking at the Parliament’s Finance Committee, Assistant Auditor General Ibrahim Aiman said Fenaka’s board failed to assess the company’s financial position, set a strategic direction, or make key decisions on internal projects. He added that the Privatization and Corporatization Board (PCB) and the Ministry of Finance also neglected their responsibilities, with the ministry continuing to release state funds without proper review.
The AG Office said Fenaka’s situation worsened due to these failures. A special audit of the company’s finances between 2021 and 2023 revealed widespread corruption, including MVR 1.3 billion in projects awarded without a bidding process to companies linked to former ruling MDP leaders.
Speaking at the Parliament’s Finance Committee, Assistant Auditor General Ibrahim Aiman said Fenaka’s board failed to assess the company’s financial position, set a strategic direction, or make key decisions on internal projects. He added that the Privatization and Corporatization Board (PCB) and the Ministry of Finance also neglected their responsibilities, with the ministry continuing to release state funds without proper review.
The AG Office said Fenaka’s situation worsened due to these failures. A special audit of the company’s finances between 2021 and 2023 revealed widespread corruption, including MVR 1.3 billion in projects awarded without a bidding process to companies linked to former ruling MDP leaders.
