Former Managing Director of Fenaka Ahmed Saeed has been charged with allegedly acting in violation of the company’s rules and making illegal profits in the purchase of an ice plant set up by Kaizan Investment in Laamu Maamendhoo.
The Anti-Corruption Commission (ACC) sent the case against Saeed and Fenaka's former accountant Mohamed Masood to the Prosecutor General's (PG) Office on April 23. The PG office filed charges against Saeed before the end of May.
He is charged with abuse of official status. The basic punishment for this charge is one year, seven months and six days in prison.
The ACC said the Fenaka board decided to buy the ice plant, knowing that it would be a loss-making project. The anti-corruption watchdog concluded that Saeed had given false information to the board.
Fenaka bought the ice plant for MVR 11.2 million. ACC said it is an unusually high price for an ice plant. The valuation of the ice plant was done by Masood, the accountant. Saeed has signed a deal with the company to buy the ice plant at this price.
ACC has requested charges against Saeed in other cases and announced that he was linked to six major ongoing investigations. Saeed has repeatedly denied any acts of corruption while he was in charge of Fenaka.
