A change has been made in the State Electric Company (STELCO) leadership, with Managing Director Hussain Fahumy being replaced by Ahmed Samah Rasheed, the former CEO of the state-owned Maldives Industrial Fisheries Company (MIFCO).
The Privatization and Corporatization Board (PCB) made the announcement on Sunday, though no specific reason was provided for Fahumy's dismissal.
Fahumy, who joined STELCO in 1998, had been appointed as the company's MD on November 28, 2023. His tenure saw STELCO face criticism following simultaneous power outages in Male' city and Hulhumale'.
One notable incident occurred on June 1 when both Male' and Hulhumale' experienced a sudden power loss for approximately six hours. Another widespread outage affected both areas on the morning of the 9th of August, with service restored after two hours and 30 minutes.
While STELCO did not disclose the cause of these outages, Fahumy had stated last month that efforts were underway to resolve the problem. The President has since ordered an investigation into the June power outage, which is currently being conducted by the police.
STELCO's new MD, Ahmed Samah Rasheed, was appointed CEO of MIFCO in December 2023. His time at MIFCO included a 14-day paid temporary suspension announced by the PCB on March 18 last year, pending an inquiry into a "corporate governance-related complaint." Although the deadline for this inquiry was extended, his suspension was lifted on April 23 last year.
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.