Muaz Mohamed Rasheed has resigned from his position as the Managing Director of Fenaka Corporation Limited.

Muaz announced his resignation on Monday in a message shared on social media platform ‘X’ along with his resignation letter.

Muaz stated that he had worked to fulfill his responsibilities to the fullest since the day he was appointed to the position.

Muaz said that companies should, in principle, be run on the income they generate. However, he stated that this was impossible due to the company's poor financial situation. Muaz highlighted that this was due to issues such as lack of maintenance work in many of the outer islands served by Fenaka, and failure to fully address the backlog of issues.

Muaz also mentioned that when he took over the company, it had a debt of MVR 4.3 billion. He also stated that the company needed to increase its staff beyond the required number, and that there was inadequate support for rightsizing the company. Despite these challenges, Muaz said that Fenaka had worked to reduce expenses over the past year.

He stated that from October 2023 to October 2024, more than MVR 160 million had been saved from operational costs. Muaz said that considering the company's debt, it would not be possible to rescue the company from its current fallen state by reducing operational costs alone.

In addition to this, Muaz said that despite various challenges in running the company over the past year, they had worked to provide uninterrupted services to the public. He characterized the results of these efforts as satisfactory.