A special audit has revealed that former Managing Director of Fenaka Corporation, Ahmed Saeed, oversaw the awarding of contracts worth nearly MVR 50 million to companies connected to his family.

The report, compiled by the Auditor General’s Office, shows that between 2021 and 2023 Fenaka signed a total of 92 agreements with three family-linked firms. By the end of last year, more than MVR 31 million had been paid out, although the report does not clarify whether the contracts have since been terminated.

According to the audit, 84 contracts valued at MVR 16.5 million were awarded to a company registered under Saeed’s brother-in-law’s son, primarily for the construction of aluminium doors for powerhouses and offices across multiple islands. Another company, registered under one of Saeed’s brothers-in-law, secured agreements covering the development of office buildings, power stations, transformer huts and fuel tanks for island powerhouses. Fenaka had disbursed MVR 10 million to this company by the end of 2018. The third company, also linked to Saeed’s family, signed two agreements worth MVR 11.7 million for the construction of an office building and a power station, and received MVR 4.5 million by the end of the same year.

The Auditor General’s Office noted that these agreements were concluded in violation of Fenaka’s internal regulations, in a manner that enabled opportunities for corruption. It also highlighted that 41 of the 57 projects signed between 2021 and 2023, most involving the construction of new powerhouses and offices across Fenaka-served islands, remain incomplete.

Saeed has previously faced allegations of financial misconduct. He was earlier charged with misappropriating profits from an ice plant established by Kaizen Investments in Maamendhoo, Laamu Atoll, a case referred to the Anti-Corruption Commission (ACC). The ACC confirmed at the time that it was investigating six separate cases against him, and his passport has been withheld in connection with the ongoing proceedings.