The Privatization and Corporatization Board (PCB) on Tuesday, confirmed the termination of Maldives Industrial Fisheries Company (MIFCO)’s CEO Ahmed Samah Rasheed.
Samah’s termination as MIFCO’s CEO and the company’s board member was confirmed not a month after he was reinstated following a suspension.
He was placed under a 14-day suspension earlier on March 18, 2024, when PCB announced his employment was suspended owing to a complain over a corporate governance issue, for which the board needed to run an inquiry.
PCB later extended his initial suspension, but was later reinstated to his original position on April 23, 2024.
At the time of his reinstatement, the interim committee formed to manage MIFCO in his absence, was dissolved as well.
There has been a leaked letter online, supposedly highlighting a total of 12 different allegations made by PCB against Samah. Among the allegations he faced, Samah was believed to have given employment to family members and used company assets for political causes.
