The Privatization and Corporatization Board (PCB) has announced the dismissal of Dr. Vitaliy Lyubimov from the post of Chief Executive Officer (CEO) of Maldives Industrial Fisheries Company (MIFCO)

PCB announced his dismissal on a post on X but did not provide a reason. He was the first foreign CEO of the state-owned fisheries company.

His appointment was announced three months ago, after the former CEO Samah Rasheed was dismissed in May last year.

There are speculations that the government has put pressure on Vitaly due to his efforts to reduce political influence within MIFCO.

Three general managers who were running various departments of the company have also been sacked recently.

Their names were not disclosed, but MIFCO said the measure was taken under President Dr. Mohamed Muizzu's reform agenda to strengthen the company.

MIFCO was established in 1993 following the Fisheries Projects Implementation Department (FPID) corruption scandal.

MIFCO has one of the poorest financial records among state companies. An audit done two years ago said the company could not repay its debts by selling all its assets.