Audit reveals MIFCO board member who funded Muizzu's campaign was illicitly awarded MVR 19m project
Fenaka awarded MVR 19 million in contracts to Kengo Private Limited owned by MIFCO board member Salah Shareef without proper bidding procedures
President Muizzu (L) and MIFCO Board Member Salah (R)
A special audit of Fenaka Corporation, released by the Auditor General’s Office, has revealed that a company owned by Salah Shareef, currently a board member at Maldives Industrial Fisheries Company (MIFCO) and a known financier of President Dr. Mohamed Muizzu’s election campaign, was illicitly awarded contracts worth over MVR 19 million.
According to the 97-page audit report published Thursday night, Fenaka signed eight separate agreements with Kengo Private Limited, a company in which Salah holds shares. These contracts, amounting to MVR 19,456,100, were issued in violation of standard public bidding procedures.
The audit examined Fenaka’s operations from 2021 through the end of 2023, including its procurement practices, expenditure, financial standing, outstanding payments, debt management, and adherence to procurement policy. During this period, Fenaka spent a staggering MVR 8.8 billion on goods and services, much of it on non-urgent capital projects that the report describes as irresponsibly funded.
Kengo Private Limited’s shareholder list also includes Aminath Saniyya Shareef, one of three General Managers dismissed from MIFCO in February 2024 under the guise of restructuring, only to be reinstated a month later.
Salah Shareef’s political and financial ties to the current administration are well-documented. Official campaign finance records published by the Elections Commission show that on 1 September 2023, Salah personally contributed MVR 2.8 million to the People’s National Congress (PNC) presidential campaign, funding expenses such as travel, accommodation, meals, and promotional materials for President Muizzu. Just three months after this contribution, on 12 December 2023, Salah was appointed to the MIFCO board by President Muizzu.
The audit’s findings raise serious questions about conflicts of interest, procurement integrity, and the growing influence of political financiers in state-owned enterprises. The apparent overlap between campaign donors and beneficiaries of state contracts underscores the lack of transparency and accountability in public sector governance under the current administration.
