The leadership of the State Electric Company (STELCO) has shifted with the appointment of Ahmed Samah Rasheed as the new Managing Director, replacing Hussain Fahumy.
The announcement was made by the Privatisation and Corporatisation Board (PCB) on Sunday. No official explanation was provided for Fahumy’s dismissal.
Fahumy, who had been with STELCO since 1998, was appointed as Managing Director in November 2023. His tenure was marked by challenges, most notably two major power outages in Malé and Hulhumalé. On 1 June, both areas experienced a blackout lasting about six hours. A second incident occurred on 9 August, leaving residents without power for two and a half hours. Although STELCO did not disclose the cause of the outages, Fahumy had said measures were being taken to resolve the issue. Following the June incident, the President ordered an investigation, which is ongoing under the police.
Samah, the new Managing Director, was previously the Chief Executive Officer of the Maldives Industrial Fisheries Company (MIFCO), a post he assumed in December 2023. His time at MIFCO included a temporary suspension last March over a corporate governance-related complaint. The PCB extended the inquiry deadline but lifted his suspension in April. He was later dismissed from MIFCO in May before being appointed State Minister at the Ministry of Fisheries.
In a message posted on X after his removal, Fahumy thanked President Dr Mohamed Muizzu for the opportunity to lead STELCO, an organisation he had served for 27 years. He also expressed gratitude to his colleagues.
