Fenaka, already operating at a multi-million MVR loss, appoints additional deputy managing director
Fenaka Corporation appointed Adam Thaufeeq as second Deputy Managing Director despite operating at a financial loss
Adam Thaufeeq, who was appointed as the Deputy Managing Director of Fenaka.
Fenaka Corporation Limited, a state-owned utility company currently operating at a substantial financial loss, appointed a second Deputy Managing Director on Tuesday.
According to the company’s announcement, Adam Thaufeeq has been appointed to the role. Thaufeeq previously served as Deputy Minister at the Ministry of Economic Development during the administration of former President Abdulla Yameen Abdul Gayoom. He also contested in the recent parliamentary elections for the Kendhoo constituency under the PPM/PNC ticket but was not elected.
The appointment brings the total number of Deputy Managing Directors at Fenaka to two, with Mohamed Arif already holding the position prior to Thaufeeq’s appointment.
Fenaka continues to face severe financial challenges. The company’s debt has reportedly surpassed MVR four billion, and concerns have been raised over its high number of employees and allegations of corruption and financial mismanagement.
