The Privatization and Corporatization Board (PCB) has decided to dismiss Ahmed Shamaah as the chief executive officer of the government-owned Maldives Industrial Fisheries Company (MIFCO).

In a post on its official X account last night, PCB said it has decided to remove Shamaah from the post of CEO as well as from the company's board of directors. Further details have not been revealed yet.

The PCB's decision to sack Shamaah comes after he was previously suspended on two occasions. The PCB lifted his suspension on April 24.

PCB first suspended Shamaah on March 18 for two weeks and later extended the suspension to April 21. The board decided to lift the suspension at the end of the period.

Shamaah was suspended with pay to conduct an inquiry into corporate governance issues. The PCB previously extended the suspension because the inquiry had not been completed.

The allegations against Shamaah included hiring friends and relatives for company jobs and misusing company resources. But Shamaah denied any wrongdoing in March when he was summoned to Parliament's State-Owned Enterprises (SOE) Oversight Committee along with the PCB.

At the committee meeting, some MPs on the SOE Committee expressed concern over the manner of Shamaah's suspension. In response to the concerns, the PCB said it followed procedures on investigating corporate governance issues.

Problems also emerged within MIFCO during Shamaah's suspension. In mid-April, the Anti-Corruption Commission (ACC) stopped the promotion of more than 100 MIFCO employees ahead of the April 21 parliamentary elections.

The ACC halted the promotions of more than 100 staff working in Lhaviyani Felivaru and Gaaf Alif Kooddoo, Adhadhu learned.