The MD of Fenaka Corporation, Ibrahim Shareef have said that they did not receive any of the money which was ‘lost’ after it was given to a private company to purchase dollars for Fenaka.
Speaking to the press Shareef said that, the transaction was done after the board passed a resolution to do so. However, he said that he cannot reveal any information about it because the case is under investigation by the police.
Previously a similar incident happened at MPL as well. Such transactions by government corporations result in a great financial loss for the corporations.
The then CEO of MPL, Shiyaam was sacked after that incident. The MD of Fenaka, Nimaal was also recently removed from his position. However, if the government is not able to recover the money which is ‘lost’ this way, companies will face more and more fiscal burdens because of these transactions.
Most of the people beleive that, these “dollar purchasing” transactions are actually scams to steal government money.
Did not recover any of the money given by Fenaka to a private company to buy dollars: Shareef
