Hussain Fahumy Dismissed as STELCO Managing Director

The State Electric Company (STELCO) has seen a change in leadership with the appointment of Ahmed Samah Rasheed as its new Managing Director, replacing Hussain Fahumy. 

The announcement was made on Sunday by the Privatisation and Corporatisation Board (PCB), which did not provide details on the reason for Fahumy’s dismissal.

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ސްޓޭޓް އިލެކްޓްރިކް ކޮމްޕެނީ ލިމިޓެޑުގެ ޑިރެކްޓަރުންގެ ބޯޑުގެ މެނޭޖިންގ ޑިރެކްޓަރުގެ މަގާމުން މ. ފަތަޙަ، އަލްފާޟިލް ހުސެއިން ފަހުމީ ވަކިކޮށް، އެމަގާމަށް މ. ސިސްކިން، އަލްފާޟިލް އަޙްމަދު ޝަމާޙް ރަޝީދު ވަނީ އައްޔަނުކޮށްފައެވެ. pic.twitter.com/9Rtvr1MFyR— Privatization & Corporatization Board (@pcb_gov) September 7, 2025

Fahumy had been with STELCO since 1998 and was appointed Managing Director on 28 November 2023. His tenure came under scrutiny after a series of power outages in Malé and Hulhumalé. On 1 June, both areas were without power for nearly six hours, while another outage on 9 August left residents without electricity for two and a half hours. 

Although the company did not disclose the causes, Fahumy had indicated that work was ongoing to resolve the issues. Following the June incident, President Dr Mohamed Muizzu ordered a police investigation into the matter, which remains ongoing.

The newly appointed STELCO head, Ahmed Samah Rasheed, previously served as the Chief Executive Officer of the state-owned Maldives Industrial Fisheries Company (MIFCO), where he was appointed in December 2023. In March last year, he was temporarily suspended by the 

PCB for 14 days with pay, pending an inquiry into a corporate governance-related complaint. Although the inquiry deadline was extended, his suspension was lifted on 23 April 2024. He was later dismissed from the position a month afterwards. Samah was then appointed State Minister at the Ministry of Fisheries on 22 May 2024.

In a post shared on social media on Sunday evening, Fahumy expressed gratitude to President Muizzu for granting him the opportunity to lead STELCO, an organisation he had served for 27 years, and extended thanks to his colleagues at the company.