PCB: Managing directors will be appointed to SOEs ‘very soon’, vetting in progress

Managing directors will be appointed “very soon” to the five state-owned enterprises (SOEs) that are currently operating without an official head, according to the Privatization and Corporatization Board (PCB).

There are currently five SOEs operating without an official managing director, including State Electric Company (STELCO), which has been operating without one since January 11, following the dismissal of Ahmed Samah after a brief four-month tenure.

The other vacancies came in the wake of ruling People’s National Congress (PNC)’s defeat in the local council elections on April 4.

On April 6, Hussain Didi and Mohamed Najah were dismissed from their positions as managing directors of Agro National Corporation and Fenaka Corporation, respectively, while Maldives Ports Limited (MPL)’s CEO Mohamed Rishwan resigned. More resignations followed on April 12, when Male’ Water and Sewerage Company (MWSC)’s managing director Abdul Matheen Mohamed and Maldives Industrial Fisheries Company (MIFCO)’s managing director Farhath Shaheer both also quit.

While Abdul Matheen was replaced with former managing director of Fenaka Corporation, Hussain Fahmy, two days later on April 14, the top leadership positions in STELCO, Fenaka, AgroNat, MPL and MIFCO remain vacant.

When asked about the holdup, PCB’s president Mohamed Anas told Sun on Sunday that the board is evaluating candidates for the vacancies, and will be making official appointments “very soon.”

SOEs were recently instructed to implement new cost-cutting measures including reducing employees by 33 percent, and ensure recruitments are made based on merit. These measures came on top of similar measures announced earlier in April, which included controls on salaries and allowances, a freeze on new hirings, and a suspension on promotions unless absolutely necessary.