Tribunal rejects ex-MIFCO CEO’s compensation claim

Aug 6, 2026, 8:34 AM
Vitaliy. -- Photo: MIFCO

Vitaliy. -- Photo: MIFCO

The Employment Tribunal has ruled that MIFCO is not required to compensate its former CEO, Vitaliy Lyubimov, over his dismissal without notice.

Lyubimov was terminated in March 2025, just three months after his appointment. Following his dismissal, he sought USD 42,000 in compensation, equivalent to three months' salary.

The Employment Tribunal determined that although Lyubimov’s employment contract stipulated a notice period for termination, the agreement itself was not legally enforceable.

Lyubimov’s employment contract was finalized two months after he was officially appointed by the Privatization and Corporatization Board (PCB). The document was signed on behalf of the company by the Managing Director.

During the tribunal proceedings, MIFCO argued that only the company’s Chairperson had the authority to sign such an agreement. The company further contended that the case must be governed by the laws and regulations of the PCB.

The Employment Tribunal concluded that the individual who signed the contract on behalf of MIFCO lacked the legal authority to do so. The tribunal ruled against awarding compensation, as the agreement was deemed unenforceable.

Before his dismissal, Lyubimov had issued a statement expressing concerns regarding attempts to exert political influence over the company. He was removed from his post shortly thereafter.

In an interview with Adhadhu following his termination, Lyubimov said that MIFCO, like all state-owned enterprises, was subject to ongoing political pressure.

"Similar to other state-owned companies, MIFCO’s operations were heavily influenced. There were attempts to interfere with management decisions and the policies I upheld," Lyubimov said.

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