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Business

STELCO gets fired MIFCO CEO as new Managing Director

Sep 8, 2025, 5:15 AM

Hussain Fahmy, Managing Director of State Electric Company Limited (STELCO), was sacked on Sunday.

He was replaced by Ahmed Shamah Rasheed, who was fired as Maldives Industrial Fisheries Company (MIFCO) CEO in 2024.

In a post on social media, the Privatisation and Corporatisation Board (PCB) did not disclose the reason for Fahmy's dismissal.

However, Fahmy had faced pressure over frequent power outages in the capital Male', and high electricity bills.

Meanwhile, Shamah was on suspension twice before his dismissal from MIFCO on May 21, 2024. He was subject to an inquiry into corporate governance issues.

Shamah was accused of hiring close relatives and misusing company resources. But he denied the allegations during a parliamentary committee meeting.

Following his dismissal from MIFCO, Shamah was appointed as State Minister at the Ministry of Fisheries.

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