Dr. Ali Azwar, who has been serving as the interim head of State Electric Company Limited (STELCO), has been officially appointed as the company’s Managing Director.
The Privatization and Corporatization Board (PCB) confirmed that Azwar was appointed to the post earlier today.
Having joined STELCO in 1997, Azwar has a long-standing career at the utility provider, previously serving as Deputy Managing Director and Executive Director, among other senior leadership roles.
The position of Managing Director became vacant following the dismissal of Ahmed Shamah Rasheed last January. Shamah had taken over the role after his predecessor, Hussain Fahmy, was removed from the post on September 7, 2025.
Following Shamah’s dismissal, several allegations of corruption were filed with the Anti-Corruption Commission (ACC). However, the commission has yet to disclose any details regarding these investigations.
Fahmy was the first Managing Director appointed to STELCO under the current administration. His removal came amid significant public backlash and government pressure over frequent power outages in Malé and Hulhumalé, as well as rising electricity bills.
