Parliament has ordered major administrative and operational changes to Fenaka Corporation, one of the most indebted state enterprises, to curb corruption within the company.
At yesterday's sitting, Parliament unanimously passed a report by the Public Accounts Committee following its review of a special audit report on projects carried out by Fenaka's Addu City branch between 2021 and 2023. The report was approved by unanimous consent of the 53 members present.
In addition to directing relevant authorities to investigate corruption and embezzlement cases, the report mandated major operational changes at Fenaka. The company was ordered to determine its necessary staff count, formulate a new organisational structure, and submit it to Parliament within 30 days.
Parliament also mandated revisions to Fenaka's procurement policy within 45 days to prevent the company from sourcing goods and services from businesses associated with the family interests of its senior management and employees.
Furthermore, Fenaka was instructed to revise its internal Standard Operating Procedures (SOPs) within 45 days and submit them to Parliament.
The company was also directed to reform and tighten its petty cash regulations within 30 days, alongside an instruction to open a designated bank account for each Fenaka branch.
Parliament ordered these measures after an audit revealed that Fenaka suffered significant financial losses through four projects executed in Addu City.
