Fenaka sues for MVR 17 mn issued to buy dollars

Fenaka Corporation has filed a civil lawsuit against Sharu Launch Services for the MVR 17 million in cheques it issued to the company to buy USD 1 million.

Managing Director of Fenaka Corporation, Ahmed Shareef spoke to “Sun” this Sunday and said that Sharu Launch Services issued three cheques worth USD 1 million to Fenaka Corporation, all of which bounced.

Ahmed Shareef said that the issue failed to be settled during dispute resolution, and that it had now gone to trial.

He said that Sharu Launch Service was trying to postpone payment, a result of which Fenaka Corporation was facing huge challenges in running the corporation.

Shareef said that Fenaka will be calculating the monetary loss suffered by the corporation due to the lack of payment, and prosecuting those responsible for compensation.

Police originally arrested a senior official from Sharu Launch Services and a senior official from Mauritius Commercial Bank over the issue. They have since been released.

Sharu Launch Service is unavailable for comment at the moment.