STELCO MD Ahmed Shamah Rasheed Dismissed

The Managing Director of State Electric Company Limited (STELCO), Ahmed Shamah Rasheed, has been dismissed, the Privatisation and Corporatisation Board (PCB) announced today.

The PCB did not disclose the reasons for the decision.

Shamah was appointed as MD of STELCO on 7 September last year, following the dismissal of his predecessor, Hussain Fahmy. His removal comes around four months after taking up the post.

Prior to his role at STELCO, Shamah served as Chief Executive Officer of Maldives Industrial Fisheries Company (MIFCO). He was dismissed from that position on 21 May, after having been suspended twice over corporate governance issues.

Following his removal from MIFCO, Shamah was appointed as a State Minister at the Ministry of Fisheries.

Neither the PCB nor STELCO has provided further details regarding the circumstances surrounding Shamah’s dismissal.