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MIFCO CEO Shamah dismissed

The Privatization and Corporatization Board (PCB) announced last night that Shamah has been removed from the post, but did not specify reasons for the dismissal.

Mariyath Mohamed
22 May 2024, MVT 08:17
Mariyath Mohamed
22 May 2024, MVT 08:17

CEO and Managing Director of Maldives Industrial Fisheries Company Ltd (MIFCO) Ahmed Shamah Rasheed has been dismissed from his position.

The Privatization and Corporatization Board (PCB) announced last night that Shamah has been removed from the post, but did not specify reasons for the dismissal.

Earlier in March, Shamah had been suspended due to the PCB conducting investigations into complaints that they had received regarding corporate governance issues.

The suspension had been lifted in late April.

It was revealed in a meeting of the Parliament's Committee on State Owned Enterprises that a letter containing 12 bullet points was delivered to MIFCO prior to Shamah's suspension.

Vice President of PCB, Mohamed Firaz stated at the meeting that the cases against the CEO of MIFCO had been received through the Whistleblower Portal of PCB.

Firaz emphasized that around nine summary cases were included in that and ascertained that five different charges can be decreed over Shamah.

He elaborated that the use of the MIFCO building for political purposes amid the parliamentary elections, granting of gift hampers, expending MVR 1.3 million on trips and employment of family within the company were listed in these allegations.

Allegations against Shamah

- Use of company resources and facilities for private and political reasons

- Unjustly stripping duties from permanent staff of company, threatening dismissal, lowering positions and pay of permanent staff against the Employment Act, transferring staff to other departments and regional offices against the Employment Act

- Hiring people with familial relations to the CEO to posts against hiring policies and pay structure, even when such actions are not included in the budget

- Hiring individuals to posts under the guise of 'head hunting', against governance polices and employ regulations, and with no job announcements made

- Creation of posts at the company without PCB authorization and appointing persons to these posts

- Hiring unqualified persons as department heads, against set policies

- Disregarding the company's delegation matrix and appointing unrelated staff to run the company when the CEO is travelling on official trips. Additionally, having unrelated staff accompany him on such trips

- Appointing people with connections to the CEO to the company's Bid Committee against best practices

- Allowing non-staff members of the company free access to its premises against security procedures

- Bringing family members to the company offices for non-official reasons

- CEO travelling aboard with no regard to the company's financial status, travelling via business class, and taking along employees unrelated to the work in question on such trips

- Threatening to dissolve the company's internal audit department, and obstructing the department's work

Shamah, however, has denied these allegations. After PCB conducted its investigations, the suspension was lifted, and Shamah had returned to work.

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