The Privatization and Corporatization Board (PCB) has removed Ahmed Shamah Rasheed from his position as Chief Executive Officer (CEO) of the state-owned Maldives Industrial Fisheries Company (MIFCO).

“Mr. Ahmed Samaah Rasheed, CEO of MIFCO, has been removed from his post [as CEO] and Director of the Board at MIFCO effective today,” a PCB post to social media said.

No additional details were provided.

Rasheed, in the lead-up to his removal, had been suspended twice by the PCB with his most recent suspension being lifted on 24 April.

The board first suspended Rasheed on 18 March after which his suspension was extended until 12 April as the deadline for the March action neared its deadline. The PCB then decided to lift the suspension.

He was suspended with salary and allowances as an inquiry into corporate governance issues was investigated, with the PCB reportedly opting to extend his suspension due to the inquiry being incomplete.

The now former CEO was accused of hiring close relatives and misusing company resources; allegations that he denied at a parliamentary committee hearing during which the PCB was also present.

At the committee meeting, members of the SOE committee expressed concern over the manner in which Rasheed was suspended, however, the PCB explained that it had acted in accordance with the corporate governance rules.

Even as Rasheed was in suspension, further problems within MIFCO emerged with the Anti-Corruption Commission (ACC) stepping in to reverse the promotion of more than 100 employees at the company ahead of the 2024 parliamentary elections.

Promotions had allegedly been given to employees working at MIFCO facilities on Felivaru Island in Lhaviyani Atoll and Koohddoo Island in Gaafu Alifu Atoll.