The Auditor General’s Office has revealed that three companies owned by the family members of former Fenaka Managing Director Ahmed Saeed were awarded contracts worth nearly MVR 50 million during the previous MDP government.
92 Contracts to Relatives of Fenaka MD
According to the special audit report released late last night by Auditor General Hussain Niyazy, between 2021 and 2023, 92 agreements for goods and services were awarded to companies linked to Saeed’s relatives, totaling MVR 49.7 million. Of this, MVR 31.1 million has already been disbursed.
The companies identified are Shelter Holdings Pvt Ltd, Powerray Investment Pvt Ltd, and Coral Investment Pvt Ltd — owned by Saeed’s brothers-in-law and a nephew.
Breakdown of the Family Deals
- Shelter Holdings Pvt Ltd: Awarded 84 contracts worth MVR 22.2 million, with MVR 16.4 million already paid out. Most projects involved installing aluminum doors for power houses and offices, all without open bidding.
- Powerray Investment Pvt Ltd: Awarded six contracts worth MVR 15.7 million, with MVR 10.1 million disbursed. Contracts included building offices, power houses, and fuel tanks.
- Coral Investment Pvt Ltd: Awarded two contracts worth MVR 11.6 million, with MVR 4.5 million disbursed. Projects involved construction of power houses and office buildings.
Corruption Warnings Ignored by Solih
The report underscores how systemic corruption was allowed to flourish under former President Ibrahim Mohamed Solih’s administration. The Anti-Corruption Commission (ACC) had formally alerted Solih in 2021 that “activities conducive to corruption” were ongoing at Fenaka. Despite these warnings, the MDP government took no action, allowing billions in taxpayer money to be siphoned off.
Another Dark Mark on MDP’s Record
The revelations add to the growing list of financial scandals under the MDP government, with the Fenaka case now standing as the biggest betrayals of public trust in Maldivian history.
