Amr dismissed, CFO Nizam in charge of STO temporarily

The Chief Financial Officer (CFO) Mohamed Nazim has been temporarily placed in charge of STO, following the dismissal of Managing Director Hussain Amr Mohamed Rashad. (Photo / STO)

The Managing Director of State Trading Organization (STO) Hussain Amr Mohamed Rashad has been dismissed on Sunday, and the Chief Financial Officer (CFO) Mohamed Nazim has been placed in charge temporarily. 

With over 12 years of service to his credit, Nazim was appointed to STO Board in 2020. Prior to being tasked with CFO, he was the head of procurement department. 

According to the President’s Office (PO), President Ibrahim Mohamed Solih had instructed Privatization and Corporatization Board (PCB) to dismiss Amr from his position as STO’s managing director and from the company’s board of directors earlier on Sunday.

Speaking about this with Sun, PO Spokesperson Miuvan Mohamed said that this decision was “part of periodic changes to the management of state-owned enterprises”.

However, Amr has been a vocal supporter of former President Mohamed Nasheed, who contested against President Solih in the presidential primary held by Maldivian Democratic Party (MDP). He actively campaigned for the faction for the election.

Despite the former president losing party ticket, Amr continued his alignment with Nasheed, and has even represented him in some of the negotiations with Jumhoory Party (JP).