Business Corruption Crime Legal

Ex-Fenaka MD escapes indictment over illegal USD purchase

Mohamed Nimal, formerly the managing director of MRDC. FILE PHOTO/MIHAARU

Mohamed Nimal, formerly the managing director of MRDC. FILE PHOTO/MIHAARU

The Prosecutor General’s Office informed the Anti-Corruption Commission (ACC) on Wednesday, to take back the charges against Mohamed Nimal, the former managing director of the state-run utility firm Fenaka Corporation, and three others for the illegal purchase of US Dollars to the corporation.

Fenaka had issued MVR 17 million to private company Sharu Launch Services to purchase US Dollars. However, Sharu Launch had failed to provide the USD 1 million they promised Fenaka. In addition to Nimal, ACC had pressed charges against Fenaka’s chief technical officer and deputy director. They were all accused of using the influence of their positions in the company for illegal purchases.

ACC’s president Hassan Luthufy told Mihaaru that the charges against Nimal and the others have been withdrawn. The PG had sent back the case for several reasons, and further details are to be disclosed after ACC has a sit-down with its members to make a decision on the issue.

Fenaka had issued money on several occasions to purchase dollars. However, they had failed to check whether Sharu Launch was financially capable and authorized to purchase and sell dollars, said ACC. As the managing director, Nimal had given the approval to carry out the transactions, though Sharu Launch was not approved by Maldives Monetary Authority (MMA) to sell dollars.

It can be noted that Fenaka had issued money repeatedly even though they had not received the promised dollars from Sharu Launch. The first transaction was approved by Fenaka’s chief technical officer and deputy director. For the second transaction, the voucher was signed by the chief technical officer and director. The final and third voucher was signed and approved by the director only.

Although Fenaka had requested the finance ministry and MMA for dollars on previous occasions, they had not done so before attempting to purchase dollars from Sharu Launch.

Full details are available at the link below:

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of