PCB Extends Suspension of MIFCO CEO Ahmed Shamah Rasheed

The Privatization and Corporatization Board (PCB) has prolonged the suspension of Ahmed Shamah Rasheed, Managing Director and CEO of Maldives Industrial Fisheries Company (MIFCO).

Initially set to conclude at the end of March, Shamah’s suspension was extended until April 12, as announced by PCB on Sunday, March 31.

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According to PCB, despite being under suspension, Shamah is still entitled to receive his salary and allowances.

Before Shamah’s suspension, PCB communicated twelve points to MIFCO. However, Shamah claims he was not informed beforehand about his suspension and remains unaware of its grounds.

Mohamed Firaz, Vice President of PCB, disclosed that the allegations against Shamah were lodged through their whistleblower platform. As the complaints were submitted anonymously, PCB cannot disclose the complainants’ identities but has received substantial documentary evidence and messages supporting the accusations.

Firaz elaborated that there are nine main issues, encompassing five distinct allegations against Shamah. These include misusing MIFCO premises for election campaign activities, distributing gift hampers, overspending on trips amounting to over 1.3 million, and favoring individuals with familial connections by securing employment for them.

Clarifying the current suspension, Firaz emphasized that it is not punitive action for these allegations but a temporary removal from office to ensure an impartial investigation free from undue influence.

Some members of parliament have censured PCB’s handling of Shamah’s suspension, contending that proper procedures were not followed and the allegations do not warrant suspension.