Farhath Shaheer has been appointed as the Chief Executive Officer and Managing Director of Maldives Industrial Fisheries Company Limited (MIFCO), following the abrupt dismissal of his predecessor, Dr Vitaliy Lyubimov.
The Privatization and Corporatization Board (PCB) announced Farhath’s appointment today, a day after confirming the removal of Lyubimov. The board did not provide a reason for the dismissal, which came just weeks after his appointment. Lyubimov, the first foreign national to lead MIFCO, was brought in with expectations of introducing industry expertise and fresh reforms to the state-owned enterprise. However, his tenure was cut short before any significant changes could materialise.
His removal adds to recent instability at MIFCO, which has seen frequent leadership changes in recent years. The company plays a central role in the Maldives’ fisheries sector, overseeing fish processing, exports, and ensuring a steady income for local fishermen.
Farhath, a former Vice Chief of Defence Force, previously served in the Maldives National Defence Force (MNDF) during the administration of former President Mohamed Nasheed. After retiring from service in 2012, he was appointed as CEO of Indira Gandhi Memorial Hospital (IGMH) during former President Abdulla Yameen’s tenure, where he oversaw major operational changes at the hospital.
His appointment at MIFCO places him at the helm of one of the country’s key state-owned enterprises, as the company continues to navigate industry challenges and maintain its role in the economy.
