Dr Vitaliy Lyubimov has been removed from his role as the Managing Director and Chief Executive Officer (CEO) of the state-owned Maldives Industrial Fisheries Company (MIFCO). The Privatisation and Corporatisation Board (PCB) confirmed his dismissal on Monday, though no reasons were disclosed.
Lyubimov, appointed on 9 December 2024, was the first foreign national to lead MIFCO. His tenure lasted nearly three months before his removal. Originally from Ukraine—though some reports state he is a Swiss citizen—he has a background in crisis management and holds a PhD in economics and public administration.
His appointment followed the dismissal of his predecessor, Ahmed Shamah Rasheed, who was removed in May last year amid allegations of corruption. Since then, the positions of Managing Director and CEO had remained vacant until Lyubimov’s selection.
Meanwhile, other leadership changes have taken place within MIFCO. Ahmed Shareef, who previously served as the company’s chairperson, has been removed from his role and reassigned to the Board of Directors of the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFOMPC). Additionally, MIFCO’s Chief Financial Officer (CFO), Ilyas Haneef, resigned in January.
During his brief tenure, Lyubimov had pledged to prevent political interference within the company and to strengthen its management. However, with his abrupt removal, MIFCO now faces yet another leadership transition.
