MIFCO’s CEO Faruhath resigns

State fisheries company, Maldives Industrial Fisheries Company (MIFCO)’s CEO Faruhath Shaheer has resigned from his post on Sunday.

Sun has learned that Faruhath informed the company’s employees of his resignation. 

The reason behind his resignation remains unclear at the moment.        

Faruhath was appointed MIFCO’s CEO in March of last year. Prior to his appointment, the position was held by Dr. Vitaliy Lyubimov, a Swiss national, who had been recruited as part of the government’s initiative to bring in foreign expertise for the company’s leadership.

Faruhath’s resignation follows a recent incident concerning the pricing of canned tuna oil, which was raised and decreased within the span of hours. Economic Minister Mohamed Saeed said the price hike was announced without prior approval or knowledge of the government.

MIFCO was among the first state-owned enterprises to introduce cost-reduction measures in response to the economic constraints faced by the ongoing global conflicts.

Faruhath has previously served as the Vice Chief of the Maldives National Defense Force (MNDF) during former president Mohamed Nasheed’s administration. He retired from military service on February 29, 2012, during Dr. Mohamed Waheed Hassan Manik’s administration.

Following the end of his military career, Faruhath served as the Chief Executive Officer of Indira Gandhi Memorial Hospital (IGMH) during former president Abdulla Yameen Abdul Gayoom’s administration.