Fenaka ordered to pay MVR 35 million to company in one month

Civil Court has ordered Fenaka Corporation to pay MVR 35 million to a private company within one month.

The court’s ruling was in connection to a case filed against Fenaka by Power Engineering Private Limited over non-payment of money owed to the company.

As per the case filed by Power Engineering, the company is owed MVR 38 million from Fenaka with respect to various items supplied to Fenaka including generators, cables, and items disbursed to Fenaka from a shop owned by Power Engineering.

Civil Court, accepted the claim by Power Engineering, and ordered Fenaka to pay MVR 35 million, in the span of one month.

Fenaka, which is knee-deep in debt, in December, placed its unsettled debt at MVR 3.2 billion.

Back then, the company said the debt would be settled over the course of the next two months.

As per Fenaka, the company owes the highest amount of money to Fuel Supply Maldives (FSM).

The new Fenaka management, appointed by the new administration, has accused former managements of various wrongdoings in all fronts of the company.