Faruhath Shaheer has stepped down from his role as Managing Director and Chief Executive Officer of Maldives Industrial Fisheries Company (MIFCO), marking the latest leadership change within a key state-owned enterprise.
His resignation comes shortly after a controversial decision to increase the price of oil-based canned tuna products was reversed. MIFCO had initially announced the price adjustment citing rising production costs, driven in part by global oil price fluctuations linked to ongoing tensions in the Middle East. However, the decision was rolled back within a short period, drawing public attention.
Faruhath was appointed to lead MIFCO on March 5 last year, taking over from former CEO Vitaly Lubimov, who had been dismissed from the position.
Before joining MIFCO, Faruhath held several senior roles in both the military and public sector. He previously served as Vice Chief of Defence Force during the administration of former President Mohamed Nasheed, retiring from active service in 2012. He later went on to head Indira Gandhi Memorial Hospital (IGMH) as Chief Executive Officer during the presidency of Abdulla Yameen.
The resignation also comes at a time of broader administrative changes following the ruling party’s performance in the Local Council Elections held earlier this month. In a separate development, Mohamed Rishwan, Managing Director of Maldives Ports Limited (MPL), stepped down from his role last week.
Faruhath’s departure adds to a growing list of leadership shifts within state-owned enterprises, as the government navigates both economic pressures and post-election adjustments.
