State Electric Company Limited, STELCO, Managing Director Ahmed Shamah Rasheed has been dismissed from his post, marking his second removal from a senior management role at a state-owned enterprise during the current administration.
The Privatization and Corporatization Board said Shamah’s dismissal took effect on Sunday. No reason was provided for the decision.
Shamah was previously appointed Chief Executive Officer of the Maldives Industrial Fisheries Company. He was dismissed from that role on 21 May 2024, following a period of suspension linked to a corporate governance related complaint. About a month after his suspension ended, Shamah was removed from his post at MIFCO. He was subsequently appointed State Minister at the Ministry of Fisheries on 22 May 2024.
Shamah was appointed Managing Director of STELCO on 7 September last year. His dismissal follows earlier leadership changes at the state-owned utility under the current administration.
STELCO was previously headed by Hussain Fahumy, who was dismissed from the post on 7 September. He was appointed to the President’s Office at ministerial level the following day.
