STELCO management handed to deputy MD; procurement head removed
Ashfa Hussain, a bureau head, has been appointed to the position.
Management of State Electric Company Limited (STELCO) has been temporarily handed over to Deputy Managing Director Ali Azwar, following the dismissal of Managing Director Ahmed Shamah Rasheed.
A source confirmed to Atoll Times that the Privatisation and Corporatisation Board (PCB) transferred interim management to Azwar earlier on Sunday.
After assuming duties, Azwar removed Azhad Rameez from the post of head of procurement. Ashfa Hussain, a bureau head, has been appointed to the position.
Shamah had previously served as managing director of Maldives Industrial Fisheries Company (MIFCO) under the current administration and was removed from that post in May 2024. He was appointed managing director of STELCO in September, following the dismissal of Hussain Fahmy.
Following Shamah’s dismissal from STELCO, an audio recording circulated online that was attributed to him. In the recording, a man identified as Shamah makes remarks regarding operations at STELCO and references specific staff members.
Responding on Sunday evening, Shamah said the audio was fabricated and denied that it was his voice. He also denied allegations of corruption.
When asked about the reason for his dismissal, Shamah said he was not informed and received a dismissal letter without prior notice. He said that during his tenure STELCO did not undertake purchases, procurement, or debt write-offs.
No official statement has been issued by STELCO or the PCB regarding the audio recording.
