Fahmy sacked as STELCO MD, Ahmed Shamah Rasheed appointed
NewsAhmed Shurau
Hussain Fahmy has been dismissed from his position as Managing Director of State Electric Company Limited (STELCO), less than a year after his appointment.
The Privatization and Corporatization Board (PCB) announced on 7 September that Fahmy has been replaced by Ahmed Shamah Rasheed. However, PCB did not disclose the reason for Fahmy’s removal.
Fahmy, a long-serving STELCO staff member, was appointed Managing Director in November 2023, shortly after President Dr Mohamed Muizzu assumed office. His abrupt dismissal marks the end of his short tenure at the helm of the state utility company.
Ahmed Shamah Rasheed, who now takes over as STELCO’s Managing Director, previously served as Chief Executive Officer of the Maldives Industrial Fisheries Company (MIFCO) before being appointed State Minister at the Ministry of Fisheries and Ocean Resources. His leadership at MIFCO began in November 2023 and ended in May 2024.
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