ACC investigation into Fenaka's dispute of MVR 17 mln still ongoing

The Anti-Corruption Commission (ACC) is still investigating Fenaka Corporation’s dispute with a local company over MVR 17 million.

ACC’s chair Hassan Luthufee told RaajjeMV that the commission will conclude the investigation soon and publicize its findings.

Fenaka Corporation had paid Sharu Launch Services three million to acquire the equivalent in US dollars at an exchange rate of MVR 15.42 per dollar.

The company had issued a series of cheques, allegedly bearing a guarantee from the Mauritius Bank, which bounced.

The case has been filed with the Civil Court as well, and a hearing was scheduled two months ago. While this hearing was cancelled, Fenaka and Sharu Launch Services have gone through a resolution phase where the boat operator has agreed to pay damages, although in installments.

Fenaka Corporation’s Managing Director Ahmed Shareef said that Sharu Launch Services had proposed to pay the sum in installments before the year 2030.

Shareef said that the corporation had refused this proposal and counter-proposed that Sharu Launch Services make the payment in three cheques – which was denied by the company.

Shareef further said that Sharu Launch Services has been attempting to stall proceedings as well.

The State Trading Organization (STO) had also gone through a similar ordeal with Sharu Launch Services, where it had attempted to buy dollars from the company.

STO is pursuing damages in court as well.