Brigadier General (retd) Farhath Shaheer has been appointed as the new Chief Executive Officer (CEO) of the state-owned Maldives Industrial Fisheries Company (MIFCO), the Privatization and Corporatization Board (PCB) announced on Wednesday.
Farhath, who previously served as Vice Chief of Defence Force in the Maldives National Defence Force (MNDF), resigned in February 2012 following the controversial ouster of President Mohamed Nasheed. During former President Abdulla Yameen’s tenure, he was appointed the CEO of Indira Gandhi Memorial Hospital (IGMH).
His appointment comes just two days after the PCB dismissed Vitaliy Lyubimov, the first foreign national to lead MIFCO in its 32-year history. Lyubimov, who was appointed three months ago, was reportedly under pressure from the government over efforts to reduce political influence within the company. The government has not provided a reason for his removal.
Shaheer’s appointment is seen as a broader trend of appointing retired military and police personnel to key state-owned enterprises. The current administration has also placed former police and military officers in charge of companies such as Fenaka Corporation and Maldives Ports Limited (MPL).
MIFCO, established in 1993 after the Fisheries Projects Implementation Department (FPID) scandal, remains one of the country’s worst financially performing state-owned enterprises. A 2022 audit report found that the company lacked sufficient assets to settle its debts.