The Anti-Corruption Commission and prosecutors are working to build a case in the state-operated Fenaka Corporation’s dispute with a local speed boat operator over USD 17.8 million.

While the Prosecutor General’s Office and the statutory oversight body are now building said case, proceedings for the dispute are currently ongoing at the Civil Court.

ACC’s chair Hassan Luthufee told RaajjeMV in June that the commission will conclude their investigation soon and publicize findings.

Fenaka Corporation had paid Sharu Launch Services 17 million to acquire the equivalent in US dollars at an exchange rate of MVR 15.42 per dollar.

The agreement between Fenaka and Sharu Launch Services was that the sum be transferred to the stateoperated company within a period of thirty days. The company had issued a series of cheques, allegedly bearing a guarantee from the Mauritius Bank, which had all bounced.

Fenaka Corporation’s Managing Director Ahmed Shareef said that Sharu Launch Services had proposed to pay the sum in installments before the year 2030.

Fenaka had refused this proposal and counter-proposed that Sharu Launch Services make the payment in three cheques – which was denied by the company. 

The State Electric Company (STELCO) had also gone through a similar ordeal with Sharu Launch Services, where it had attempted to buy dollars from the company.

STELCO had paid Sharu Launch Services a sum of just over 3 million (3,084,000) to acquire USD 200,000.

In July, the Civil Court ordered Sharu Launch Services to pay the amount in full within a period of thirty days.