The Anti-Corruption Commission (ACC) has instructed the FENAKA Corporation to recover MVR 20.5 million of the money lost across 75 cases, the ACC has said.
The ACC is investigating cases involving the misuse of positional influence within the company's management, claims of unlawful appointments, violations of the corporation's procurement regulations, and accusations of fund disbursement contrary to the company's established policies.
After investigating the cases, the ACC has issued 92 directives to the company for remedial action. These include directives on 48 matters relating to the company's conduct, 24 matters relating to the company's policies, six matters relating to the recovery of funds lost due to corrupt practices, and an additional six issues necessitating further internal investigations by the company.
The ACC has also prepared a report highlighting the potential for corruption in the operation of the FENAKA Corporation Limited, the measures to be taken to reduce such practices, and the challenges faced in investigating corruption. The ACC has shared this report with the President's Office and the State-Owned Enterprises Committee of the Parliament.
Many government-owned companies are currently grappling with severe financial distress. FENAKA Corporation, in particular, is burdened with the largest debt among these entities.
FENAKA MD Ahmed Saeed
