Muaz Mohamed Rasheed has resigned as Managing Director of Fenaka Corporation Limited, sharing details of the company's severe financial challenges in a letter to President Dr Mohamed Muizzu. During his tenure, Fenaka managed to reduce its inherited debt of MVR 4.3 billion by approximately MVR 1 billion and implemented cost-cutting measures that saved over MVR 160 million in operational costs. Despite these improvements, Muaz emphasised that the company's current financial situation makes sustainable operations impossible based on revenue alone, expressing concern about maintaining uninterrupted essential utility services across the Maldives.