MIFCO Appoints New CEO After Six Months

The government's fisheries company, Maldives Industrial Fisheries Company (MIFCO), has appointed a new Chief Executive Officer.

According to information received by "Keyolha" news, Dr. Vitaly Lyubimov, a Ukrainian national with extensive experience in management, specifically in crisis and risk management, has been appointed as the CEO of MIFCO. Reports indicate that the new CEO will arrive in the Maldives sometime today. He will officially assume his responsibilities tomorrow.

This is the first time in MIFCO's long history that a foreign national has been appointed as the company's CEO. While sharing details of the government's efforts to reform state-owned enterprises during the official Independence Day ceremony this year, President Dr. Mohamed Muizzu stated that he is aware of the actual problems facing MIFCO and how it falls into debt, and that MIFCO can only be turned around by a foreign expert who has managed companies at the highest level. The President also noted that while managing MIFCO is not something Maldivians cannot do, based on past experience, MIFCO needs an experienced and sincere person who can work independently without any ties to the industry.

"MIFCO can only be turned around by hiring and bringing in a highly experienced management expert who has run companies at the highest global level and handing MIFCO over to them," the President said at the Independence Day ceremony.

A new CEO has been appointed to MIFCO more than six months after the previous CEO, Ahmed Shamah Rasheed, was dismissed from the position and from the MIFCO Board of Directors. Shamah was dismissed on May 21 this year. During the period without a CEO, the company was temporarily managed by its Chief Financial Officer, Ilyas Haneef.