Ahmed Shamah Rasheed Reinstated as CEO of MIFCO Following Suspension Lift

Photo: MIFCO

Ahmed Shamah Rasheed, the Chief Executive Officer at the Maldives Industrial Fisheries Company (MIFCO), returned to his duties today after his weeks-long suspension was lifted.

According to a spokesperson from MIFCO, the Privatization and Corporation Board (PCB) announced the decision to lift Shamah’s suspension on Tuesday.

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The spokesperson further stated that in light of this decision, MIFCO had disbanded the interim committee that was overseeing the company’s day-to-day operations during Samah’s suspension.

According to the spokesperson, the PCB has instructed Shamah to manage all operational matters of MIFCO through the company’s board.

On March 18, the PCB placed Samah under a 14-day paid suspension, pending an inquiry into a “corporate governance-related complaint” lodged against him. This suspension was subsequently prolonged.

The decision to suspend Shamah was made after the letter from the board outlining several serious allegations against him was leaked and circulated on social media.

Among the 12 main allegations listed in the leaked letter were accusations of nepotism in the recruitment process and the alleged misuse of company resources for political purposes.

Despite the leaked letter, the PCB refrained from making an official statement on the matter.

Furthermore, Shamah’s suspension prompted an inquiry by the Parliament’s State-owned Enterprises (SOE) Committee.

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