Adam Azim has today been appointed the new Managing Director of the government's main retail and wholesale company, State Trading Organization (STO), following the removal of Shahid Ali from the post last night.
Speaking to Sun, former MD Shahid confirmed that he was dismissed from the post last night. “After five year, I have to resign. I think that is an adequate tenure,” Shahid said.
Shahid was appointed MD of STO during the opposition, Maldivian Democratic Party’s (MDP) government and continued to fill the post through President Dr Waheed’s one and half years in office.
One of the most profitable government companies, STO gained a profit of MVR 274.3 million in profit during the last quarter. However, the company was left in a debt of MVR 19.7 million after the government deducted for finances. The company spent MVR 162.1 as operation costs during the last quarter.
STO caused a public scare during the last few days Dr Waheed’s government when the company declared that it had just 10 days of oil reserves due to the government’s default on due payments. The company also caused a brief panic last Tuesday when it halted to supply medicines and medical material to the State’s main hospital Indira Gandhi Memorial Hospital (IGMH), for a short period of time, after stating that the hospital’s credit limit had been reached.