Privatization and Corporatization Board (PCB) Secretary General Ahmed Yameen has been suspended for opposing new rules that allow individuals with inadequate qualification to hold senior positions in state owned enterprises (SOEs).

Adhadhu understands that Yameen was suspended for 30 days from May 8. The Civil Service Commission (CSC) said the suspension was because of an ongoing investigation against him.

On April 21, the PCB made changes to allow individuals with inadequate qualification to hold senior positions in SOEs. PCB technical staff believe this will pave way for more political influence on SOEs.

One of those who opposed the rule was Secretary General Yameen. Some other technical staff had also expressed concern. The PCB wanted the documents sent by the technical staff to be designed as the board wants.

Under the previous rule, the chief financial officers and chief internal auditors of SOEs should be a member of an accounting body recognized by the International Federation of Accountants (IFAC).

However, according to the new rules, people who are not members of an accounting body recognized by IFAC can also become CFOs and CIAs of some SOEs.

IFAC is the global organization for the accountancy profession. The members of the organization are required to adhere to certain rules and regulations. If the rules and regulations are violated, the person cannot be a member of an accounting body recognized by IFAC.

This means individuals with a bad record cannot become CFO or CIA of SOEs under the previous rules.