FENAKA's Deputy MD resigns, makes serious allegations

The Deputy Managing Director of FENAKA Corporation, Ibrahim Waheed (Ibrey), has resigned after making serious corruption allegations against the company's officials.

While AVAS has received a copy of Ibrey's resignation letter, it accused the company's Managing Director Ahmed Saeed and Chairman Mohamed Rasheed of corruption. The letter noted that the company spent on purposes that were not within the purpose it was established for and in favor of Saeed and Rasheed's personal gain. It further said some of the company's projects were awarded to companies that were linked to Saeed, and while payments were issued to these companies and withheld from other companies, it caused losses to other companies.

In addition, Ibrey noted that the company had been asked to make necessary amendments to its rules and regulations to prevent corruption. However, the changes were not implemented, and corruption is systematically covered up, he claimed. The letter further noted that when Saeed took over as FENAKA's MD, the company's debt was at MVR 680 million but has now increased to MVR 1.5 billion due to Saeed and Rasheed's incompetence.

FENAKA Corporation has not made any official comments regarding Ibrey's letter and his resignation. However, Saeed has denied the allegations against the company he heads. He further said Ibrey's resignation had been accepted.

Although Ibrey raised serious allegations against FENAKA officials in his resignation letter, he does not wish to talk to the media regarding the issue.

Ibrey is the vice-chairman of the main-ruling Maldivian Democratic Party (MDP)'s electoral committee and is the president of the MDP’s Upper North province. Saeed is MDP’s Gadhdhoo constituency president.