MIFCO Operating Without a CEO for Four Months

The state-owned fisheries company, Maldives Industrial Fisheries Company (MIFCO), has been operating without a Chief Executive Officer for four months.

Ahmed Samah Rasheed, who held the position of MIFCO's CEO, was dismissed from the post and the company's board of directors on May 21 this year. MIFCO is currently being temporarily managed by the company's Chief Financial Officer, Ilyas Haneef.

The current government's intention is to bring in a world-class CEO to run MIFCO. However, a CEO has not been appointed thus far.

The Privatization and Corporatization Board (PCB) made an announcement on June 26, 2024, seeking a foreign CEO, but cancelled it on July 16, stating that no eligible candidate had applied. No further announcements have been made since then.

Neither the government nor the PCB has disclosed the reasons for the delay in appointing a CEO.