PCB reacts to criticism over STO MD's dismissal
People demanded action against Amr for attending the meeting while holding a political post in the government
By
Mariyam Umna Ismail
The Privatisation and Corporatisation Board (PCB), which oversees state-owned companies, on Monday rejected public criticism saying that Hussain Amr Rashad, the managing director of the state-run trading firm STO, was sacked for violating norms and defended the decision on Monday.
President Ibrahim Mohamed Solih's directive to the PCB to remove Amr as managing director of STO has drawn criticism from some quarters, saying that the president does not have that authority as per the law. People also criticised the board for putting a 'rubber stamp' on everything the government asks it to do.
Responding to the criticism, the PCB said in a statement that the appointment and removal of government appointees to the boards of state-owned companies is in accordance with the rules laid down by the board under the 'Privatisation, Corporatisation and Monitoring and Evaluation of State Enterprises Act'.
According to the PCB:
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The existing policy has been formulated after the board further strengthened the basic policy it has been following since 2013
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Any decision taken by the Board will be taken independently keeping in mind the interest of all
"Any decision taken by the Board will ensure that the interests of all shareholders of state-owned companies, the state and the people are protected, with independence and maturity," the PCB said in a statement.
"We are also in the process of making necessary changes in rules and procedures to improve the process of appointment and removal of members on the boards of state-owned companies," it said.
It is to be noted that Amr stood with Nasheed, who contested against President Solih, in the MDP primary held in January. Even after Nasheed's defeat in the primaries, Amr remained in the same trap. Thus:
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Last week, Amr was also present as Nasheed's representative at a meeting held with the Jumhooree Party in the name of "MDP" on behalf of Nasheed's 'Fikuregge Dhirun' branch within MDP
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The meeting was held to discuss how JP and Nasheed's 'Fikuregge Dhirun' movement should work together for the presidential elections
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People demanded action against Amr for attending the meeting while holding a political post in the government
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An interview given by Amr as MD of STO to the state media PSM was cancelled without airing
