Former Fenaka MD Saeed barred from traveling overseas amid corruption probe

Ahmed Saeed, the former managing director of Fenaka Corporation, has been barred from travelling overseas as the Anti-Corruption Commission (ACC) investigates a corruption case against him.

An official from the ACC confirmed the travel ban order against Saeed. According to the official, Saeed’s passport has been held since October 9.

However, the official declined to provide details regarding the case citing the ongoing nature of the investigation.

Saeed had served as the head of the state utility company during the Maldivian Democratic Party (MDP) administration. The incumbent People’s National Congress (PNC) administration, which defeated the MDP in the 2023 presidential elections, has submitted to the ACC multiple cases of alleged corruption which took place during the former administration.

In August, Saeed’s successor, Muaz Mohamed Rasheed told reporters that the company has submitted 25 cases of corruption by the former management of the company with the ACC.

During its 2023 presidential campaign, the PNC described Fenaka as a “labyrinth of corruption.” The company’s new management has said that Fenaka was MVR 1.7 billion in debt when they took over. Seven months in, the company announced it had cleared MVR 300 million in outstanding payments, including to 278 different vendors.

The company also posted a profit of MVR 7 million in Q2, after consistently running at a loss.