MIFCO CEO's Suspension Period Expires, PCB Yet to Inform of a Decision

The suspension period of MIFCO CEO Ahmed Shamah Rasheed has expired.

The Privatization and Corporatization Board (PCB) suspended Shamah to conduct an inquiry regarding issues submitted to the board and through the PCB's whistleblower portal, citing the circumstances in Article 25 (b) (1) of the Code of Conduct, Complaints, and Disciplinary Procedures for Directors of State-Owned Enterprises, according to the PCB.

Shamah was temporarily relieved of his duties without pay and allowances for a period of 14 days on March 18. That period expired on the 31st of that month. Therefore, the PCB board decided that day to extend the suspension period with pay and allowances from the 1st to the 21st of this month. The PCB stated that the salary and allowances for the first 14 days of the suspension would be restored if the matters being investigated against Shamah are not proven.

Although the suspension period expired on the 21st of this month, Shamah has not yet returned to work. Speaking to Keyolha, Shamah said he is waiting because the PCB has not yet informed him of a decision.

The PCB has not yet disclosed its decision regarding Shamah's suspension. We called the PCB's information officer to get details on this matter. However, the phone was not answered.