MIFCO CEO sacked month after reinstatement

Privatization and Corporatization Board (PCB) on Tuesday confirmed the termination of Maldives Industrial Fisheries Company (MIFCO)'s CEO Ahmed Samah Rasheed, not a month after his reinstatement.

PCB confirmed via X of Samah's termination as both MIFCO's CEO and Board Direction positions, though the reason was not disclosed.

Samah was placed under a 14-day suspension earlier on March 18, 2024. PCB announced he was suspended following a complaint regarding a corporate governance issue - to conduct an inquiry.

Despite the initial 14-day suspension, PCB extended the period after which he was reinstated to the CEO position on April 23, 2024.

Following his reinstatement, the interim committee formed to manage MIFCO in his absense was dissolved as well.

Earlier, an alleged letter highlighting the PCB's allegations against Samah was leaked online. The letter indicated 12 allegations, including illicit benefits for family and relatives and utilization of company assets for political causes.

Moreover, Parliament's State-Owned Enterprises (SOE) Committee decided to probe Samah's suspension as well.