Asim Mohamed has been appointed as the President of Privatization and Corporatization Board (PCB).
It has been more than a year since the PCB, which has been tasked with holding companies accountable and empowering them to strengthen their management, has not had a president. Hassan Waheed resigned in October 2020.
Asim has played a key role in PCB since then.
The board currently consists of Rushaha Ahamed Shareef, Ali Sujau, Aishath Shazly, Ali Shafeeu and Ahmed Shareef Yoosuf.
The board was formed with the current members of the current administration after the People’s Majlis approved and advised President Solih to reappoint the board. The President has the authority to appoint and dismiss members to the board. However, the approval of the Parliament is required.
The report published after the PCB audit revealed that due to the lack of a proper framework on the board, there is a lack of qualified administrative staff. It has also led to the failure to fulfill the responsibilities assigned to the board, the failure to carry out the administrative procedures, and the failure to implement the law to the fullest.
According to the report, the board has not allocated any corrective measures to be taken against certain state-owned companies that are operating at a loss. The report also states that even if the board advises some companies to research and strengthen their management, not all companies are capable of researching.
Following the report, new members were appointed to the PCB and its operations were strengthened.