The Privatization and Corporatization Board (PCB) has dismissed Vitaliy Lyubimov as Chief Executive Officer (CEO) of Maldives Industrial Fisheries Company (MIFCO), the state-owned fish processing firm.
The PCB announced Lyubimov’s removal in a brief post on X late on Monday but did not provide a reason for the decision. Lyubimov, the first foreign CEO to lead MIFCO in its 32-year history, was appointed three months ago, seven months after his predecessor Ahmed Shamah was sacked.
Local media reported that Lyubimov had come under government pressure for trying to reduce political influence within the company.
The company has also dismissed three general managers overseeing various departments in recent weeks. Their names have not been disclosed.
MIFCO was established in 1993 following the Fisheries Projects Implementation Department (FPID) scandal and remains one of the worst financially performing state-owned enterprises. A 2022 audit report found that the company lacked sufficient assets to settle its debts.