Shareef Dismissed as MIFCO Chairperson, Appointed to Head Fisheries Promotion Company

Ahmed Shareef has been dismissed from his position as the Chairperson of the Board of Directors of the Maldives Industrial Fisheries Company (MIFCO).

The Privatization and Corporatization Board (PCB) stated that following his dismissal from the post, he was appointed today as the Chairperson of the Board of Directors of the Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFORMPC).

With the 100% state-owned MIFCO in debt and its financial situation deteriorating, the current government has initiated efforts to reform the company. Under these reform efforts, a foreign CEO was appointed to the company this month, and a new head of the company's HR department has also been appointed. This newspaper has also learned that efforts are underway to dismiss additional senior officials from their posts.

MFORMPC, to which Shareef was appointed as Chairperson, is a company established on February 4 this year under the powers vested in the President by Article 15 of the Companies Act. The company's mandate includes advertising and promoting Maldivian fisheries products in the international market, including products generated from all marine resources such as aquaculture and mariculture, to further expand the Maldives' fishing industry and increase the benefits derived from the industry for the community. Furthermore, to increase commercial benefits, it aims to introduce a special brand for Maldivian fisheries, launch it in national and international markets, and secure market share for Maldivian fisheries products in diverse, high-quality, and premium-priced markets.