Farhath Shaheer has resigned as Chief Executive Officer and Managing Director of Maldives Industrial Fisheries Company Limited (MIFCO), bringing an end to his tenure at the state-owned fisheries company after just over a year in the role.
His resignation comes shortly after MIFCO increased the price of its canned tuna in oil, a decision that was reversed last week. The company had attributed the price increase to rising production costs linked to fluctuations in global oil prices, but reports later indicated that the adjustment had not been coordinated with the government.
Farhath was appointed to the role on March 5 last year, succeeding Dr Vitaly Lyubimov.
His departure also comes amid a series of changes to senior positions in state-owned enterprises following the local council elections earlier this month. This includes the resignation of Maldives Ports Limited Managing Director Mohamed Rishwan last week.
Farhath previously served as Vice Chief of Defence Force before retiring from military service in 2012. He later held the position of Chief Executive Officer at Indira Gandhi Memorial Hospital, where his tenure was associated with administrative reforms.
No official statement has been issued on the reasons for his resignation or on a successor.
