The Anti-Corruption Commission (ACC) has launched an investigation connected to Ahmed Shamah Rasheed less than 24 hours after he was sacked as Managing Director of State Electric Company Limited (STELCO).
ACC media officer Aishath Sama told Adhadhu that the commission has started investigating the case of a former STELCO Managing Director, but she did not disclose their identity.
But Adhadhu understands the investigation is connected to Shamah.
The Privatization and Corporatization (PCB) said in a post on X on Sunday (January 11) 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.
STELCO Deputy Managing Director Dr. Ali Azwar has temporarily taken over the management of the company. Its procurement head, Azhad Rameez, has since been sacked.
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.
