The Auditor General’s Office has uncovered the biggest financial scandal in the history of the Maldives, revealing that over 2.2 billion rufiyaa was embezzled through Fenaka Corporation during the administration of former President Ibrahim Mohamed Solih.
According to a special audit report, the embezzlement — carried out between 2018 and 2023 — surpasses both the FPID scandal of the 1990s and the MMPRC scandal of 2015. This makes it the single largest theft by a state-owned enterprise in the nation’s history.
Breakdown of the Embezzlement
The audit revealed shocking details of how public funds were siphoned off:
- MVR 790 million in the name of electrical cables
- MVR 552 million under generator purchases
- MVR 396 million through transformer procurements
- MVR 496 million disguised as water and sewerage projects
Fenaka had signed 674 project agreements, most awarded without any bidding process, creating the perfect environment for corruption.
A Scandal of Unprecedented Scale
A senior government official confirmed that the magnitude of the Fenaka scandal far outweighs previous corruption cases, stating that “the scale of theft under the MDP government will be remembered as the darkest chapter in our modern political history.”
The audit makes clear that the systematic abuse of public funds during the Solih administration is unparalleled, warning that the true scale of embezzlement from 2018–2023 may be much greater than what has surfaced so far.
Accountability and Legal Action
Independent institutions, including the Anti-Corruption Commission, are now pursuing criminal investigations. Several cases have already been sent to court, with travel bans imposed on key suspects. Among those under investigation is former Fenaka Managing Director Mohamed Saeed, a close associate of former President Solih.
Restoring Public Trust
The revelation underscores the urgent need to strengthen oversight of state-owned enterprises and ensure that the era of unchecked corruption under the MDP never repeats itself. Maldivians, who bore the cost of these staggering losses, are now demanding justice and accountability.
