PCB cancels announcement to hire CEO to MIFCO, no eligible candidate

The Privatization and Corporatization Board (PCB) has cancelled its announcement to hire a foreign Chief Executive Officer (CEO) to Maldives Industrial Fisheries Company Ltd (MIFCO), which has come under fire for not settling fishermen’s dues.

In a publication on Tuesday, PCB announced the cancellation of the announcement for a CEO to MIFCO, which was publicized in the government gazette on 26 June 2024.

PCB revealed that the announcement was cancelled as there were no eligible candidates out of those who applied for the position.

PCB in June revealed that they were looking to recruit a “talented” and “dedicated” CEO / Managing Director (MD) who shares passion for sustainability and innovation in the fisheries sector.

PCB invited interested individuals who are eligible for the position, to submit their Expressions of Interest (EoI) before 15 July 2024.

PCB was going to select a candidate based on their qualifications and experience.

Only those who have at least eight years of experience in managing a company related to fisheries, and at least four years of experience in managing an international fisheries company, was eligible to apply for the post.

MIFCO’s former CEO Ahmed Samaah Rasheed was suspended from his duties in March 2024, in efforts to carry out a thorough inquiry into issues linked to corporate governance, filed with the PCB. A letter was forwarded to PCB regarding serious allegations against him.

Samaah was sacked in May 2024 and since then, the position has been vacant.

It remains unclear whether there has ever been a foreigner serving in the top position of MIFCO, since its inception.