The Privatization and Corporatization Board (PCB) has lifted the suspension of the government-owned Maldives Industrial Fisheries Company (MIFCO) CEO Ahmed Shamaah.
The PCB first suspended Shamaah on March 18 for two weeks and later extended the suspension to April 21. The board decided to lift the suspension at the end of the period.
A committee set up by the PCB to manage the company during Shamaah's suspension has also been dissolved, the board said. Shamaah has been instructed to conduct all management affairs through MIFCO's board, it added.
Shamaah was suspended with pay to conduct an inquiry into corporate governance issues. The PCB previously extended the suspension because the inquiry had not been completed.
The allegations against Shamaah included hiring friends and relatives for company jobs and misusing company resources. But Shamaah denied any wrongdoing when he was summoned to Parliament's State-Owned Enterprises (SOE) Oversight Committee along with the PCB last month.
At the committee meeting, some MPs on the SOE Committee expressed concern over the manner of Shamaah's suspension. In response to the concerns, the PCB said it followed procedures on investigating corporate governance issues.
Problems also emerged within MIFCO during Shamaah's suspension. Last week, the Anti-Corruption Commission (ACC) stopped the promotion of more than 100 MIFCO employees ahead of Sunday's parliamentary elections.
The ACC halted the promotions of more than 100 staff working in Lhaviyani Felivaru and Gaaf Alif Kooddoo, Adhadhu has learned.
