The term of office for members of the PCB Board is five years, and Firaz served in the position for three years.
Privatization and Corporatization Board (PCB) Vice President Mohamed Firaz has been removed from his post.
His removal was announced by President Dr Mohamed Muizzu on Thursday.
The term of office for members of the PCB Board is five years, and Firaz served in the position for three years.
Firaz expressed on social media that he was very pleased with the work he had done in the post and highlighted his efforts to reform state-owned companies.
Members of the PCB Board are appointed by the President.
Although PCB operates as an independent body, its board retains the power to appoint managing directors to SOEs.
The PCB Board has approved a regulation whereby the President sends the names for the appointment of the heads of these companies. The agency been in existence for 10 years, and no subsequent PCB Board has changed this regulation.
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