The Auditor General’s Office (AGO) has uncovered what is being described as the largest case of financial misconduct ever recorded in a Maldivian state-owned company, exposing alleged embezzlement at Fenaka Corporation amounting to USD 143 million.
The special audit focused on Fenaka’s operations under the Maldivian Democratic Party (MDP) government led by former President Ibrahim Mohamed Solih. Findings indicate widespread violations of procurement rules, including 674 project agreements awarded without public tender.
According to the report, millions of dollars were misappropriated through infrastructure-related purchases. These include USD 51.2 million for electricity cables, USD 35.8 million for power generators, USD 25.7 million for transformers, and an additional USD 32.2 million tied to water and sewerage projects.
A senior government source, speaking on condition of anonymity, noted that the scale of the Fenaka scandal eclipses infamous corruption cases in Maldivian history, including the FPID scandal of the 1990s and the MMPRC case of 2015. The official warned that the total losses linked to mismanagement and graft during the 2018–2023 MDP administration may exceed any previously recorded case in the country’s modern history.
In light of the revelations, independent oversight bodies such as the Anti-Corruption Commission (ACC) have launched parallel investigations. Several cases have already been submitted to court, and travel bans have reportedly been imposed on individuals under suspicion.
One key figure named in the audit is Mohamed Saeed, former Managing Director of Fenaka and a close associate of ex-President Solih. The case has intensified calls for stronger safeguards in the management of public enterprises and heightened public demand for accountability.
