Industry veteran nominates name for MIFCO chief’s position

Veteran economic expert Athif Shakoor has submitted his application for the currently vacant Chief Executive’s position at Maldives Industrial Fisheries Company (MIFCO).

Privatization and Corporatization Board (PCB), the parent body of state-owned enterprises (SOEs) announced seeking an eligible candidate for the chief executive’s position of the financially ailing MIFCO earlier on June 26.

The deadline for application expired at 14:00hrs on Monday afternoon.

PCB in its announcement confirmed both local and foreigners with the required eligibility criteria can apply for the position, that offered a remuneration between USD 9,500 and USD 12,000 (MVR 146,775 – MVR 185,400).

While speaking with ‘Sun’, Athif said he decided to apply for the vacant role in hopes of steering the troubled SOE’s trajectory towards profitability.

“The company can progress beneficially if it is released from the political shackles, for that, politicians need to step away from controlling [MIFCO],” Athif, who previously filled several top positions of the state’s fisheries company said.

Athif was employed at MIFCO under varying capacities between 2004 and 2013. He had initially filled the Sales and Marketing Manager’s role at the corporation after which had been the Deputy Managing Director and later the Managing Director of MIFCO as well.

Owing to above-market purchase of fish for exportation and processing, insolvency has been looming over MIFCO for some time.

Athif, a vocal advocate about the prevailing issues of MIFCO, had previously written multiple articles about the company as well.

Regarded among one of the most experienced economic experts in the Maldives, Athif had also filled the Managing Director position of Maldives Transport and Contracting Company (MTCC) as well as the Chairman’s role of Dhiraagu.

During former President Abdulla Yameen’s administration, Athif led the Financial Intelligence Unit (FIU), which was founded to curtail money laundering and terrorism financing activities.

He was however, later alleged to have violated the Prevention of Money Laundering and Financing of Terrorism Act (10/2014).

Allegedly, Athif failed to report the suspicious financial transactions made from Maldives Marketing and Public Relations Corporation (MMPRC) to SOF, a privately owned corporation, to relevant authorities. His case his still amid trials at court.

Eligibility criteria set out by PCB for the Chief Executive’s position at MIFCO

• Bachelors and Masters degrees in Business Administration or relevant fields

• Minimum eight years of experience working at a fish manufacturer, cannery, exporter or a similar business entity

• Minimum four years of experience in a management role at macro to enterprise-level company

• Those with knowledge on pole and line fishing and other fishing practices will be given priority

PCB announced seeking the chief executive’s position after its last CEO Ahmed Samah Rasheed was dismissed on May 21, this year. He was later appointed as the State Minister of Fisheries.

MIFCO, a subsidiary of the STO Group, has been operating at continued financial loss for years.