Money laundering investigation launched into Fenaka corruption in Addu!
15 ޖުލައި 2026 | ބުދަ 13:53The Parliament's Public Accounts Committee has passed a motion to investigate and pursue money laundering charges against former board members and complicit employees of Fenaka Corporation’s Addu branch following a damning audit report. Additionally, the committee has mandated reforms to the company’s procurement policies and directed the removal of staff involved in corrupt practices.
Fenaka Corporation Limited. The audit report has highlighted numerous irregularities concerning the utility provider. | Copporate Maldives
The Parliament's Public Accounts Committee has decided to request a police investigation into potential money laundering and corruption involving projects conducted by Fenaka Corporation Limited in Addu City.
During Wednesday's Public Accounts Committee meeting, Funadhoo MP Mohamed Mamdhoo submitted 20 recommendations following a review of the audit report concerning projects conducted by Fenaka Corporation's Addu branch. Additionally, Central Hithadhoo constituency MP Ahmed Azaan put forward four recommendations regarding the matter.
MP Mamdhooh proposed that the Anti-Corruption Commission, the Police, and other relevant investigative authorities be formally requested to identify and investigate the board of directors and any individuals involved in the embezzlement of funds during the execution of those projects. Furthermore, he recommended the establishment of a formal recruitment framework for the company. He proposed that all future hiring must strictly adhere to this structure and that the framework be submitted to the Public Accounts Committee for review.
Furthermore, these measures include reforming procurement policies, revising petty cash expenditure procedures, and recovering outstanding receivables. Additionally, separate bank accounts will be established for each Fenaka branch, alongside the implementation of a comprehensive system to monitor and track expenses.
The proposals submitted by MP Azaan include directing the Anti-Corruption Commission (ACC) to expedite the investigation into these matters, the temporary suspension of Fenaka employees in Addu involved in the case, and requesting the police to launch a formal money laundering investigation.
The committee unanimously approved the proposals submitted by Member Mamdhooh. Additionally, the proposals presented by Member Azaan were passed with a majority of four votes.
The audit report highlights that Fenaka Corporation’s Addu branch managed projects in a manner that incurred significant financial losses for the company, while also revealing that 77 million Rufiyaa remains uncollected in outstanding electricity and water bills.
