Long-serving Chairman of the Board of Directors of Allied Insurance, Mohamed Rasheed has resigned from his post.

The reveal was made by Allied Insurance, a subsidiary of State Trading Organization (STO) on Thursday via Twitter, the company extended best wishes to Rasheed after he dropped in his resignation on Thursday.

The post goes on to read that Rasheed’s guidance over the past six years has been “invaluable” to the company. Further, Rasheed was extended sincere gratitude for his “dedicated service”.

Rasheed was appointed to the post during the former administration of ex-President Abdulla Yameen Abdul Gayoom.

Evidently a close associate of the incarcerated ex-president, Rasheed also served as a parliamentarian for an Addu constituency for four tenures. He is to have worked on the frontlines to form the “People’s Alliance Party”.

However, Rasheed signed on to the now main ruling Maldivian Democratic Party (MDP) during the last year of Yameen’s tenure.

Rasheed, who served as Chairman of the Board of Directors of Allied Insurance for six long years, also worked in the frontlines of Maldives football, having actively participated in managing Club Valencia.