Former Fenaka Corporation Limited Managing Director Ahmed Saeed Mohamed has been sentenced to four years in prison for abuse of official position, following a verdict delivered by the Criminal Court on Sunday.

The conviction stems from allegations that Saeed authorised the release of payments to Blazon Inc without ensuring the contracted work was completed and without obtaining the required confirmation of completion. The case also involved Fenaka’s former procurement head, Mariyam Dheena Solih, who was charged alongside Saeed late last year.

Meanwhile, the Anti-Corruption Commission (ACC) continues to investigate additional cases of alleged misconduct involving former Fenaka officials. The ACC is currently coordinating with the Prosecutor General’s Office to determine further prosecutions.

A special audit by the Auditor General’s Office has also revealed that USD 142.7 million was embezzled from Fenaka during the administration of former President Ibrahim Mohamed Solih. According to the report, this constitutes the largest financial fraud ever recorded in a Maldivian state-owned enterprise.