State Electric Company Limited (STELCO) Managing Director Ahmed Shamaah Rasheed has been dismissed from his post, just four months after his appointment.
The dismissal was announced on Thursday in a post shared on X by the Privatization and Corporatization Board (PCB). No official reason was provided for the decision.
Shamaah was appointed as Managing Director of STELCO in September last year, following earlier changes in the company’s leadership. Prior to joining STELCO, he served as Managing Director of Maldives Industrial Fisheries Company (MIFCO), where he was later dismissed after a month-long suspension amid allegations of mismanagement.
Following his departure from MIFCO, Shamaah was appointed as a State Minister at the Ministry of Fisheries, though his role at the ministry appeared to involve limited operational responsibilities.
Shamaah is the second Managing Director of STELCO to be removed under the current administration. The first, Hussain Fahmy, was dismissed in September last year, bringing an end to a 27-year career at the state-owned utility. Fahmy currently serves as Principal Secretary at the President’s Office, a position of ministerial rank.
STELCO, the country’s main electricity provider, has not issued a separate statement regarding the leadership change or announced when a permanent replacement will be appointed.
