Former STELCO MD Fahumy Appointed New MWSC MD Amid State Company Shake-Up

The Privatisation and Corporatisation Board (PCB) has appointed Hussain Fahumy, the former MD of the State Electric Company (STELCO), as the new Managing Director of the Maldives Water and Sewerage Company (MWSC), the board announced today.

Fahumy previously served as Managing Director of STELCO, where he had worked since 1998. He was appointed MD on November 28, 2023, but was later replaced on September 7, 2025, by Ahmed Samah Rasheed.

His tenure at STELCO drew scrutiny following a series of major power outages in Malé and Hulhumalé. On June 1, both areas experienced a blackout lasting nearly six hours, while another outage on August 9 left residents without electricity for approximately two and a half hours.

މާލޭ ވޯޓަރ އެންޑް ސުވަރޭޖް ކޮމްޕެނީ ޕްރައިވެޓް ލިމިޓެޑްގެ މެނޭޖިންގ ޑިރެކްޓަރ އައްޔަނުކުރުން pic.twitter.com/iepye4NagN— Privatization & Corporatization Board (@pcb_gov) April 14, 2026

Fahumy’s appointment follows the resignation of former Managing Director Abdul Matheen, who stepped down on Sunday without publicly stating a reason. His departure comes amid a broader wave of resignations and dismissals across state-owned enterprises in the wake of unfavourable outcomes for the government in recent elections and a national referendum held on April 4.

The referendum, which sought public approval to merge parliamentary and presidential elections, was backed by the government and its candidates but failed to secure the desired outcome. The results, alongside setbacks in local council and Women’s Development Committee (WDC) elections, have been followed by a series of leadership changes in key state institutions.

– Chief Executive Officer of the Maldives Industrial Fisheries Company Limited (MIFCO), Farhath Shaheer, also resigned, with no reason disclosed.

– DCP (Retired) Mohamed Rishwan resigned last week as Managing Director of Maldives Ports Limited, a role he had held since February 2025.

– DCP (Retired) Hussain Didi was dismissed as Managing Director of Agro National Corporation. 

– Ahmed Najah was removed from his position as Managing Director and board member of Fenaka Corporation Limited. Najah had been appointed to the role on December 23, 2024.