Major (Retired) Mohamed Najah has been appointed as the new Managing Director of Fenaka Corporation.

The appointment was made on Monday.

The Privatization and Corporatization Board (PCB) announced that Major (Retired) Mohamed Najah has been appointed as the new MD of Fenaka Corporation, following the resignation of the previous MD, Muaz Mohamed Rasheed.

In his resignation letter sent to President Dr. Mohamed Muizzu and the PCB, Muaz stated that he had worked with sincerity from the day of his appointment.

Muaz highlighted that despite facing numerous challenges in managing the company over the past year, they achieved desirable results in their efforts to provide uninterrupted services to the public.

Shedding light on the financial situation when he took over the company, Muaz said that within a year, significant work had been done to streamline the company's operations and reduce costs. He mentioned that compared to October 2023, by the end of October this year, more than MVR 160 million had been saved in operational costs.

The government has begun making changes to state-owned companies at a time when these companies are facing serious allegations of corruption. In this regard, major corruption issues have also surfaced at Fenaka.