PCB Confirms Termination of MIFCO CEO Ahmed Shamah

The Privatization and Corporatization Board (PCB) has confirmed the dismissal of Ahmed Shamah Rasheed, CEO of the Maldives Industrial Fisheries Company (MIFCO), less than a month after his reinstatement. The termination, announced on Tuesday via X, includes his removal from both the CEO position and the board of directors. The PCB has not disclosed the reason for this decision.

Ahmed Shamah was suspended for 14 days on March 18, 2024, following a complaint about a corporate governance issue. The PCB extended the suspension period to conduct a thorough inquiry and ultimately reinstated Samah on April 23, 2024. Subsequently, the interim committee formed to manage MIFCO during his absence was dissolved.

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Before his suspension was lifted, a leaked letter allegedly detailed 12 allegations against Shamah, including accusations of providing illicit benefits to family and relatives and using company assets for political purposes. These serious allegations have not been officially confirmed by the PCB.

In addition to the PCB’s actions, the Parliament’s State-Owned Enterprises (SOE) Committee announced its decision to investigate Samah’s suspension and further scrutinise the circumstances surrounding his leadership at MIFCO.