STELCO chief Fahmy sacked; Ex-MIFCO head Shamah appointed as replacement
Shamah was suspended from MIFCO for more than a month while under investigation, before later being dismissed.
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The Privatisation and Corporatisation Board (PCB) has dismissed State Electric Company (STELCO) Managing Director Hussain Fahmy.
The decision was announced on Sunday.
The PCB stated that Ahmed Shamah Rasheed has been appointed as the new Managing Director. Shamah previously served as Managing Director of the Maldives Industrial Fisheries Company (MIFCO) during the current administration.
Shamah was suspended from MIFCO for more than a month while under investigation, before later being dismissed. The company had also sent him a letter in response to complaints submitted through the PCB’s whistleblower portal, which alleged misuse of MIFCO resources and violations of company policies.
Following his dismissal from MIFCO, Shamah was appointed as State Minister of Fisheries in May last year.
