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Business

STELCO Managing Director Shamah sacked

Jan 11, 2026, 12:02 PM

State Electric Company Limited (STELCO) Managing Director Ahmed Shamah Rasheed has been sacked.

The Privatization and Corporatization (PCB) said in a post on X that Shamah has been removed from the board of directors and sacked as Managing Director.

The reason for his dismissal is unknown. Shamah spent only four months in the position.

Shamah was appointed to the post on September 7, 2025, following the dismissal of former Managing Director Hussain Fahmy.

In 2024, Shamah was sacked as CEO of Maldives Industrial Fisheries Company (MIFCO). He was suspended twice for corporate governance issues before the dismissal.

During his tenure at MIFCO, Shamah was accused of hiring close relatives and misusing company resources. But he denied the allegations.

After being sacked as CEO of MIFCO, Shamah also served as state minister in the fisheries ministry.

Privatization and Corporatization Board STELCO

Comments

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