ACC Investigates Former STELCO Managing Director Following Dismissal

The Anti-Corruption Commission (ACC) has launched an investigation into allegations of corruption involving former Managing Director of the State Electric Company (STELCO), Ahmed Shamah Rasheed, who was dismissed from his post yesterday.

The ACC confirmed that the case is under investigation but declined to comment further, including on the identity of the complainant.

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Following Shamah’s dismissal, STELCO’s leadership has been temporarily assigned to Deputy Managing Director Dr. Ali Azwar. The company has also removed its Head of Procurement, Azhad Rameez, from his position as part of an internal reshuffle.

Shamah was appointed Managing Director of STELCO on 7 September last year, after the dismissal of his predecessor, Hussain Fahmy. His removal comes approximately four months after taking up the role. STELCO has not publicly disclosed the reasons for his dismissal.

Prior to joining STELCO, Shamah served as Chief Executive Officer of the Maldives Industrial Fisheries Company (MIFCO). He was dismissed from that role on 21 May after having been suspended on two occasions over corporate governance issues. Shamah also previously served as the first Deputy Mayor of Malé City.

The developments at STELCO follow the circulation of an audio recording that allegedly features Shamah discussing illicit financial gains linked to the company. The recording also reportedly mentions Azhad Rameez. The authenticity of the audio has not been officially verified.

In interviews with local media, Shamah has denied that the recordings are genuine. The audio allegedly includes statements in which Shamah claims to earn more money through corruption at STELCO than he invests, while suggesting that even those close to him are unaware of the alleged activities.