MIFCO CEO Farhath Shaheer Resigns Amid Pricing Controversy

The Chief Executive Officer of Maldives Industrial Fisheries Company Limited (MIFCO), Farhath Shaheer has resigned, the company confirmed today. 

MIFCO’s senior manager of Public Relations, Shifza Musthafa, said the CEO announced his resignation during a meeting with executive committee (EXCO) members and staff this morning. According to Shifza, the outgoing CEO thanked staff during the meeting but did not provide a reason for his sudden departure.

advertisement

The resignation comes amid recent developments surrounding the pricing of canned fish products. MIFCO had earlier announced an increase in the price of canned fish to MVR 18.50, citing rising fuel costs linked to global oil price hikes.

However, the government moved swiftly to reverse the decision the same day, maintaining the price at MVR 17.50 per can and MVR 760 per case.

Speaking at a press conference held last Wednesday, Minister of Economic Development and Trade Mohamed Saeed said the price hike had been implemented by MIFCO without prior consultation with the government.

Saeed stated that the government’s decision to reverse the increase on the same day was not driven by public criticism, but rather by the company’s failure to inform relevant authorities in advance.

The CEO has not publicly commented further on his resignation.

Wave of leadership changes

The resignation comes amid a broader pattern of dismissals and resignations involving senior officials in state-owned enterprises, following a significant setback for candidates of the ruling People’s National Congress (PNC) in the recent Maldives Local Council and WDC Elections 2026, as well as the referendum held the same day on merging parliamentary and presidential elections.

The PCB confirmed that DCP (Retired) Mohamed Rishwan resigned last week as Managing Director of Maldives Ports Limited, a position he had held since February 2025. 

Just after the election results, the PCB dismissed DCP (Retired) Hussain Didi as Managing Director of Agro National Corporation.  

The PCB had also earlier removed Ahmed Najah from his role as Managing Director and board member of Fenaka Corporation Limited. Najah had been appointed to the position on 23 December 2024.

The government has not provided official reasons for these dismissals and resignations.