ACC launches probe into ex-STELCO MD Shamaah within 24 hours of dismissal
The Privatization and Corporatization Board (PCB) confirmed the decision via a post on social media platform ‘X’, stating that Shamaah has been terminated from both the Managing Director position and his membership on STELCO’s Board of Directors.
Former Stelco Managing Director Ahmed Shamah Rasheed | Stelco
The Anti-Corruption Commission (ACC) has launched an investigation involving Ahmed Shamaah Rasheed less than 24 hours after his removal from the post of Managing Director at the State Electric Company Limited (STELCO).
ACC Media Official Aishath Sama confirmed to RaajjeMV that a case against a former STELCO Managing Director has been submitted to the commission. While the official did not explicitly name the individual, RaajjeMV has confirmed that the complaint is directed at Shamaah. ACC is currently reviewing the matter.
Ahmed Shamaah Rasheed was dismissed from his role as STELCO Managing Director on Sunday. He had been appointed to the position last September, succeeding Hussain Fahmy, who was also removed from the post.
The Privatization and Corporatization Board (PCB) confirmed the decision via a post on social media platform ‘X’, stating that Shamaah has been terminated from both the Managing Director position and his membership on STELCO’s Board of Directors.
Shamaah’s removal comes just four months into his tenure. Prior to joining STELCO, he served as CEO of MIFCO, from which he was dismissed on 21 May 2024.
His tenure at MIFCO had included two separate suspensions related to corporate governance issues before his eventual termination. Authorities have not yet announced a successor for the leadership role at STELCO.
