STELCO refutes ex-CEO’s claims of management abusing position

The State Electric Company Limited (STELCO) has refuted allegations made by former CEO Ahmed Zuhoor, of the company’s management abusing their position for illicit gain.

STELCO said in a statement on Thursday that Zuhoor’s claims are completely false and described them as malicious attempts to slander the company’s management.

In the statement, STELCO assured the public that it has abided by the corporate governance code and has worked to provide consistent service.

STELCO also said that Zuhoor’s comments are political and, expressing concern in this regard, asked why Zuhoor had failed to address the matter during his time in office.

In a tweet on Thursday, Zuhoor said the STELCO needs to ‘invest based on cost-benefit analysis’.

Zuhoor sent out the tweet, addressing STELCO Managing Driector Hassan Mugnee.