MIFCO’s CEO Suspended for Two Weeks Pending Inquiry

The chief executive officer of Maldives Industrial Fisheries Company (MIFCO), Ahmed Samah Rasheed, has been placed under a two-week suspension by the Privatization and Corporatization Board (PCB).

The decision, announced today, follows a letter from the PCB outlining serious allegations against Samah.

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In a press statement, the PCB stated that it initiated an inquiry in response to a corporate governance complaint filed against Samah. Consequently, the decision to suspend him for 14 days was made to facilitate a thorough investigation.

An earlier leaked letter from the PCB to Samah highlighted 12 main allegations, including claims of nepotism in the hiring process and the alleged misuse of company resources for political purposes.

The PCB, however, has refrained from offering an official comment on the leaked letter at this time.