State Electric Company Limited (STELCO)’s Managing Director Ahmed Shamah Rasheed has been dismissed from his post, marking his second dismissal from a managerial post in a state-owned enterprise (SOE) in the current administration.
Privatization and Corporatization Board (PCB)’s said Shamah was dismissed from his post effectively on Sunday. However, they did not specify a reason behind his dismissal.
Shamah was first appointed the Chief Executive Officer (CEO) of state fisheries company, Maldives Industrial Fisheries Company (MIFCO). He was dismissed from his post on May 21, 2024. Notably, Shamah had been suspended during his stint at MIFCO.
PCB placed Shamah on a 14-day paid suspension on March 18, 2024, which was later extended through April 21, 2024, following the expiration of the initial 14 days. The suspension was reportedly linked to an inquiry following a corporate governance–related complaint filed against him. The suspension was lifted on April 23, 2024.
A month after his suspension was lifted, Samah was dismissed from his role at MIFCO. Subsequently, on May 22, 2024, he was appointed State Minister of the Ministry of Fisheries.
He was appointed STELCO’s Managing Director on September 7th of last year.
During the current administration, STELCO was first headed by Hussain Fahumy, who was dismissed from his post on September 7. A day later, he was appointed to the President’s Office at the ministerial level.