The corruption case involving the purchase of an ice plant has been sent to the Prosecutor General's (PG) Office requesting prosecution against Ahmed Saeed Mohamed, the former Managing Director of Fenaka Corporation.

The Anti-Corruption Commission (ACC) said in a statement today that they have sent the case to the PG Office yesterday, requesting prosecution for acting against company policies and obtaining undue advantage in the purchase of an ice plant established by Kaizan Investment in L. Maamendhoo for Fenaka.

ACC has requested prosecution against the former MD of Fenaka, Ahmed Saeed Mohamed of Maifoonaa, GDh. Vaadhoo, and the then Chief Accountant Mohamed Masood of Hinmiyaa, R. Ungoofaaru.

ACC said that the decision to purchase Kaizan Investment's ice plant for Fenaka was made at the 18th general meeting of the board in 2023, knowing that it was a loss-making project with very negative "Internal Rate of Return" and "Net Present Value" for the company.

ACC also said that Saeed had given false information to board members while there was an agreement between the Ministry of Fisheries and Fenaka Corporation to build an ice plant in Maamendhoo.

"In this way, he gave false information that the government policy regarding the ice plant to be built under the agreement with the Ministry of Fisheries would change if Fenaka bought the ice plant from Kaizan Investment," ACC said.

Additionally, ACC said that the investigation revealed that the valuation price submitted by Masood for the ice plant was higher than the market price, and although Fenaka had the capability to do valuations for items like ice plants, it was noted that the valuation was prepared using the prices submitted by the seller of the ice plant without seeking market prices, which was misleading.

ACC further said that they have requested two charges against Saeed and Masood, including the charge of misuse of official capacity and the charge of acting in a way that prevents the state from receiving a benefit or acting in a way that diminishes a benefit due to the state.