Fenaka Corporation drained billions of rufiyaa on projects that failed to materialise, a special audit by the Auditor General’s Office (AGO) has confirmed.

Between 2021 and 2023, Fenaka launched 57 projects to build 33 office buildings and 24 power plants. The company spent a staggering MVR 1.07 billion, yet by the end of 2024 only seven office buildings and nine power plants had been completed.

The audit revealed that 41 projects remain unfinished, including four that recorded zero progress despite swallowing MVR 18.9 million. Of the incomplete works, 33 projects are less than halfway done.

Fenaka poured MVR 606.7 million into materials and another MVR 417.3 million into salaries for temporary staff, even as projects stalled. The report noted that salaries continued to be paid without progress on the ground.

On average, Fenaka spent MVR 18.76 million per project, almost double the estimated market cost of MVR 9.5 million.

The audit revealed that completing the unfinished projects will require an additional MVR 241.1 million, increasing overall costs further.