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Managing Director Muaz

Fenaka Dismisses 1,780 Employees, Hires New Staff: MD

Muaz Mohamed Rasheed, the Managing Director of Fenaka Corporation, addressed the State Owned Enterprise (SOE) Committee of Parliament today, revealing that the company has terminated the contracts of 1,780 employees hired during the previous administration, prior to last year's Presidential Elections.

Responding to allegations of hiring violations under the new management, Muaz assured the committee that no breaches of the company's HR policy occurred since the change in leadership. However, he disclosed that a significant number of employees were recruited before the previous election, with a total of 2,105 hired between January 1, 2023, and September 9, 2023. Additionally, 122 employees were brought on board between the first and second rounds of the Presidential Election, mainly to resume stalled projects, though their contracts are now set to expire. 

Despite the dismissal of the previous hires, Fenaka has recruited 1,529 new staff between January and April 20 of this year to resume ongoing projects. Muaz clarified that these hires were made after careful planning and project assessment, despite previous allegations of election-related hiring practices. Past attempts to obtain Fenaka's employee details under the Right to Information (RTI) Act were unsuccessful during the previous administration.

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