The Anti-Corruption Commission (ACC) has forwarded a case to the Prosecutor General’s Office to press charges against heads of state-owned utility company Fenaka Corporation for making payments against regulation to purchase large amount US Dollars.
The case is against Fenaka’s Deputy Director, Chief Technical Officer, Director and former Managing Director.
ACC said that during the investigation it was uncovered that Fenaka had paid a total of MVR 17.9 million in advance to a private company to purchase USD 1.2 million. Out of this, the MVR 4.6 million payment voucher was signed by Fenaka’s Deputy Director and Chief Technical Officer, and the cheque prepared for the voucher was approved by the Deputy Director, ACC said. In addition, ACC revealed that Fenaka’s MVR 5.99 million voucher to purchase USD 389,105 was signed by the company’s Chief Technical Officer and Director, while a MVR 7.2 million voucher for USD 469,000 was signed by the Director.
However, ACC highlighted that neither of them had verified the seller, or checked if the seller had the financial capability to sell US Dollars, before approving the transactions.
ACC said the private company involved in the transactions did not have approval from the Maldives Monetary Authority to sell US Dollars or – as per bank statements – have the financial capability to carry out such a transaction. But, second and third transactions were carried out before the company's payment for the first transaction was cleared.
The anti-corruption watchdog further said that its investigation revealed that it was Fenaka’s former Managing Director who ordered the company’s financial department to carry out the transactions.