Reshuffling of state-owned enterprise heads continues: Former STELCO MD Fahmy appointed to lead MWSC!

Former STELCO Managing Director Hussain Fahmy has been appointed as the Managing Director and a board member of the Male' Water and Sewerage Company (MWSC).

The position of Managing Director at MWSC became vacant following the resignation of Abdul Matheen.

Matheen resigned from his post on Sunday afternoon. He did not disclose the reason for his resignation. In a post on X, Matheen announced that he was stepping down from his position as the Managing Director of MWSC.

Fahmy, who has now been appointed to the post, was previously removed from his position as the Managing Director of STELCO and appointed to a senior role within the President's Office. At that time, he was appointed as the Principal Secretary to the President on Policy and Manifesto.

Under the administration of President Dr. Mohamed Muizzu, the position of Principal Secretary at the President's Office is ranked at the ministerial level. Fahmy was appointed to this post less than 24 hours after being dismissed from his role as the Managing Director of STELCO.

Following Fahmy’s dismissal, Ahmed Shamah Rasheed, who had previously been removed from his post as Managing Director of MIFCO, was appointed to lead STELCO. However, Shamah has now been dismissed from STELCO less than five months into his tenure. His removal follows a month-long suspension triggered by serious allegations leveled against him during his time in the role.

Significant changes have recently been observed in the management of state-owned enterprises. Since the current administration took office, these structural and leadership shifts have become a recurring trend. Currently, several government companies remain without permanent leadership, with top executive positions having stood vacant for an extended period.

These include STELCO, Fenaka Corporation, Maldives Ports Limited (MPL), Agro National Corporation, and MIFCO.