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MIFCO CEO Shamah's suspension has been lifted

CEO of MIFCO, Ahmed Shamah Rasheed has returned to work and reassumed his duties at MIFCO after his suspension of 14 days was cancelled by the PCB.

Aishath Shuba Solih
24 April 2024, MVT 12:03
CEO/ Managing Director of Maldives Industrial Fisheries Company Ltd, Ahmed Shamah Rasheed.
Aishath Shuba Solih
24 April 2024, MVT 12:03

The suspension enforced over CEO and Managing Director of Maldives Industrial Fisheries Company Ltd (MIFCO), Ahmed Shamah Rasheed has been lifted.

Shamah's suspension was enforced in connection to a number of cases investigated by the Privatization & Corporatization Board (PCB) on March 18.

MIFCO stated that CEO Shamah had come in to assume his duties at the office immediately after PCB had informed of the suspension revocation. The interim committee incepted to arrange the managerial procedures of the company has now been dissolved with his return.

The company disclosed that they have decided to proceed matters of management through the board of the company accordingly with PCB's mandate. The suspension enforced over Shamah was for a duration of 14 days.

PCB had conducted investigations into multiple cases connected to MIFCO.

This includes the use of the company's resources for political and personal purposes, threatening employees on their job retainment and unjustly isolating them from work as well as salary deductions of permanent employees without a verified reason in violation of the Employment Act and altering departments and islands managed by the company.

They had further inspected and reviewed allegations related to the CEO departing on trips overseas via business class with no regard to the company's financial situation, taking employees unrelated to the work at hand on official trips, bringing family members of the CEO to the company without an official reason and procedures for hiring employees.

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