Anti-graft watchdog launches probe into Fenaka scandal

The Anti-Corruption Commission has launched an inquiry into the theft of US$1million from the state-owned utility, Fenaka Corporation.

Muaviz Rasheed, the ACC vice president, said the watchdog was probing possible abuse of power by Fenaka officials in the foreign exchange transaction, local media report.

The state utility reportedly released MVR17 million to a local company to purchase dollars at the rate of MVR15.42 to a dollar. Fenaka was to receive the amount in dollars within 30 days, but the three-dollar cheques made out to the company with an invalid Mauritius Commercial Bank guarantee stamp bounced.

In a similar scam, more than US$6million was stolen from the state-owned Maldives Marketing and Public Relations Corporation in 2014 and 2015. The amount is part of the nearly US$80million was stolen from the tourism firm, in what has come to be known as the country’s biggest ever corruption scandal.