Mohamed Najah has been dismissed from his role as Managing Director and Board Member of Fenaka Corporation Limited, according to an announcement by the Privatization and Corporatization Board. The decision took effect immediately, though no reason was provided.
Najah was appointed Managing Director on 23 December 2024 and is the second individual appointed to the role under the current administration. Prior to his appointment, he served as Assistant General Manager at Happy Market.
The position had previously been vacated following the resignation of Muaz Mohamed Rasheed. In his resignation letter, Muaz cited financial challenges within the company, stating that operations could not be sustained through internally generated revenue. He also referred to pressures to recruit staff beyond operational needs and said there was insufficient support to restructure the organisation.
Fenaka has faced ongoing financial constraints and operational challenges. The company was also among several state-owned entities that announced job opportunities shortly before the recent local council elections.
In remarks made earlier this year, Najah said efforts to stabilise the company had been limited, attributing the situation in part to longstanding structural issues.
