The Auditor General has uncovered what is being described as the largest embezzlement case in Maldivian history, involving the state-owned utilities company, FENAKA.
According to the findings, the theft occurred during the administration of former President Ibrahim Mohamed Solih, under the Maldivian Democratic Party (MDP) government. Evidence collected by the Auditor General indicates that as much as MVR 2.2 billion, equivalent to USD 143 million, was siphoned off.
The special audit, which has sent shockwaves across the country, outlines a consistent pattern of financial irregularities and misappropriation of public funds. The report alleges that the former administration bypassed due procurement procedures, with as many as 674 project agreements awarded without competitive bidding.
Key areas flagged include major sums allegedly misappropriated through procurement of essential infrastructure. The audit points to 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 through water and sewerage projects.
Citing the report, a government source stated on condition of anonymity that the scale of the Fenaka scandal, estimated at USD 143 million, surpasses the magnitude of past high-profile cases such as the 1990 FPID and the 2015 MMPRC corruption scandals.
The source further noted that the overall level of fraud committed under the MDP government between 2018 and 2023 could potentially exceed any scandal exposed in the nation over the past century.
In light of the revelations, independent state institutions, including the Anti-Corruption Commission (ACC), have begun separate investigations into the massive fraud. Several cases are reportedly already before the courts, with measures such as travel bans imposed on individuals implicated in the scandal.
Among those under investigation is Mohamed Saeed, the former Managing Director of Fenaka and a close associate of ex-President Solih. The shocking findings are expected to intensify public debate and increase demands for accountability in the management of state finances.
