K. Male'
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29 Sep 2025 | Mon 20:51
Some of the individuals involved in the transactions between Fenaka and Kengo, and President Muizzu (R).
Some of the individuals involved in the transactions between Fenaka and Kengo, and President Muizzu (R).
RaajjeMV
FIU Report
FIU report reveals Fenaka released MVR 12m for PNC campaign days before Majlis polls
The leaked report exposed how Fenaka funneled MVR 12 million to support PNC's election campaign, just days before the 2024 parliamentary elections. The verified report uncovered a web of suspicious transactions totaling MVR 37 million, raising alarm bells about the blatant misuse of public funds for political gain.

A leaked report from the Financial Intelligence Unit (FIU) has revealed that Fenaka Corporation transferred MVR 12 million to support the main ruling People's National Congress (PNC) campaign just four days before the 2024 parliamentary elections, raising serious concerns about the misuse of public funds and state-owned enterprises for political purposes.

The confidential report, compiled by the Maldives Monetary Authority (MMA)'s FIU, documents suspicious financial transactions made between 1 January 2023, and 30 September 2024. It specifically highlights transactions between Fenaka Corporation and a company called Kengo Private Limited, which received MVR 37 million in total through 47 transfers over this period.

The authenticity of the leaked document, which has been widely circulated on social media, has been verified.

Kengo Private Limited: not registered, millions received

Kengo Private Limited is owned by Aminath Saniyya Shareef (50 percent), Salah Shareef (25 percent), and Ahmed Hashim (25 percent). Despite receiving tens of millions from Fenaka, the company is not registered with the Ministry of Economic Development as having any active business operations or revenue-generating activities.

The FIU report notes that none of the funds transferred to Kengo were used for any legitimate economic purpose. Instead, the money was funneled to various individuals, many with close ties to the current government, shortly before the parliamentary elections.

Links to D & V Investment and sitting MP

The report further reveals that on 16 April 2024, Fenaka transferred MVR 9.8 million to D & V Investment Private Limited, a company owned by Ibrahim Didi, the sitting MP for Kolamaafushi constituency, and his wife Ihusana Shareef. That money was then funneled, either in full or in part, to Kengo, including through five separate transfers of MVR 150,000 each.

The total amount transferred from D & V to Kengo stood at MVR 750,000 over just two days, April 16 and 17. The FIU report confirms that all of the funds Fenaka sent to D & V Investment were eventually rerouted to Kengo, which subsequently dispersed the money to individual recipients.

These transactions strongly suggest that funds originating from a state-owned company were used to finance political campaign operations, just days before a national election.

Corruption allegations under ex-Fenaka MD

The leaked report comes amid a wider cloud of corruption allegations surrounding Muaaz Mohamed Rasheed, who served as Fenaka’s Managing Director during the period in question.

Under Muaaz’s leadership, Fenaka reportedly approved the purchase of cables worth MVR 66 million from Alpha Energy Solutions FZE-LLC, based in the UAE.

According to internal documents, the purchases, spread across 18 different orders, were made at grossly inflated prices. The orders claimed the materials were required for various islands, but market comparisons indicate significant overpricing.

The procurement process involved direct approvals from Muaaz, Deputy Director Aishath Aiman, and Director Abdul Wahid Mohamed, with the total estimated loss from these transactions reaching MVR 65.7 million.

Muaaz resigned amidst these corruption allegations, citing frustration over the government’s lack of support for a financial recovery plan he had submitted. However, the timing and nature of the financial irregularities have led to suspicions that his departure was prompted more by mounting pressure over alleged misconduct.

Growing pattern of state resource abuse?

The contents of the FIU report reinforce long-standing concerns about the use of state enterprises to fund political campaigns. The scale and timing of the transactions, from a government-owned utility company to politically connected individuals and companies, raise serious ethical and legal questions.

This case adds to a growing body of evidence suggesting systematic abuse of public funds and institutions for political gain, undermining public trust in democratic processes and governance.

As pressure mounts, calls are growing for a full and transparent investigation, not just into Fenaka’s financial dealings, but into the broader mechanisms that allow such transactions to occur with little scrutiny or accountability.

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