Fenaka seeks ACC’s expertise to improve operations

State-owned Fenaka Corporation has sought the Anti-Corruption Commission (ACC)’s expertise to improve the company’s operations.

Fenaka, via a post on X, said the company has actively engaged with ACC to explore strategies to improve the company’s processes, guided by the Commission’s expertise.

“We remain committed to maintaining the highest standards of integrity and professionalism in every aspect of our operations,” Fenaka added.

Speaking with Sun regarding the discussions, an official from Fenaka said the discussions with ACC were initiated seeking their expertise to further improve the company’s operations, adding the Commission was the most suited to provide counsel on the matter.

The official affirmed that efforts will be undertaken to improve Fenaka’s operations in accordance with ACC’s counsel.

We have actively engaged with the Anti-Corruption Commission to explore strategies for enhancing our processes, guided by their expertise. We remain committed to maintaining the highest standards of integrity and professionalism in every aspect of our operations.#TeamFenaka pic.twitter.com/e4IypqgOSg

— Fenaka Corporation Ltd (@TeamFenaka) October 9, 2024

Fenaka has been a company that had long operated at a loss with multiple accusations of corruption targeted their way.

Prior to this, Fenaka’s Managing Director Muaz Mohamed Rasheed said 25 corruption cases pertaining to Fenaka’s former management have been lodged with ACC.

President Dr. Mohamed Muizzu recently decided to make Fenaka a subsidiary of State Trading Organization (STO) as part of his administration's efforts to improve the operations of state-owned companies.

While efforts are underway to transform Fenaka into a company that generates profit, Muaz has previously said the company’s expenses have been reduced by 60 percent.

The company has emphasized that its debt burdens stand at MVR 1.7 billion.