Former MIFCO CEO Seeks USD 42,000 in Compensation After Sudden Dismissal

Dr. Vitaliy Lyubimov, the former Chief Executive Officer and Managing Director of the Maldives Industrial Fisheries Company (MIFCO), has filed a case with the Employment Tribunal, seeking USD 42,000 (MVR 649,211.33) in compensation.

He claims he was dismissed from his position without the required notice period, less than three months after his appointment.

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Lyubimov was appointed to lead the state-owned fisheries company on 9 December 2024. However, the Privatization and Corporatization Board (PCB) announced his dismissal on 3 March 2025. Following his removal, Lyubimov filed a claim asserting that his termination breached the three-month notice clause in his employment agreement.

In response, MIFCO has challenged the Employment Tribunal’s jurisdiction over the matter, raising concerns over whether the provisions of the Employment Act are applicable to Lyubimov’s executive position. The company has requested that the case be dismissed.

Despite MIFCO’s objection, the Employment Tribunal has accepted the case and instructed the company to respond to the claim.

Lyubimov’s dismissal comes at a time when MIFCO continues to face financial difficulties. President Dr Mohamed Muizzu has pledged to root out corruption within the state-owned company and previously stated that appointing a foreign CEO was part of this broader reform initiative.

Shortly after assuming office, Lyubimov had publicly stated that he would not tolerate political interference or external influence on MIFCO’s management, and he vowed to expose any such attempts.

This is not the only case of its kind currently under review. Noel Gregor Paterson-Jones, the former CEO and Managing Director of the Development Bank of the Maldives (DBM), has also lodged a case with the Employment Tribunal seeking compensation for his notice period following his dismissal.