Former Managing Director of Fenaka Corporations, Ahmed Saeed Mohamed has been charged with violating the company's rules and making illegal profits in the purchase of the ice plant set up by Kaizan Investment in Gaafu Dhaalu Maamendhoo.
The Anti-Corruption Commission (ACC) has asked the Prosecutor General's Office to charge Saeed along with the former Chief Accountant at Fenaka, Mohamed Masood.
They are charged with abuse of official status and acting in a way that does not benefit the state or detracts from a benefit that the state should have received.
The ACC said the decision to acquire Kaizen Investment's ice plant was taken at the 18th general meeting of the board in 2023, knowing that the project was detrimental to the company with a highly negative "internal rate of return" and "net present value."
The ACC said Saeed had given false information to the board members while an ice plant was to be built in Mamendu under the agreement between the Fisheries Ministry and the Fenaka Corporation.
The investigation also revealed that the price offered by Mohammed Masood as the valuation of the ice plant was higher than the market value.
The punishment for the offense is one year, seven months and six days in jail.
