Former STELCO MD Mughnee appointed to PCB

Former managing director of State Electric Company Limited (STELCO) has been appointed a member of the Privatization and Corporatization Board (PCB) on Thursday.

Mughnee has previously held senior posts in both government and private companies. During the former administration, he first served as STELCO’s managing director before being appointed Minister of State for Environment, Climate Change and Technology.

Mughnee holds a Master of Business Administration with a major in International Business (Finance & Economics) from Massachusetts, USA, Brandeis International Business School.

President Dr. Mohamed Muizzu made appointments to PCB on Wednesday including the appointment of Hamdhy Ageel as the president of the board.

The other appointees are;

• Ahmed Mushthag, Accounting and Finance Sector
• Leena Abdul Jaleel, Banking Sector
• Uz. Moosa Fathuhy Adam, Business Administration Sector

PCB had long remained vacant subsequent to new appointments not being made following the expiration of the terms of former members.

As a result, the appointment of new board members to state-owned companies by the new administration had remained stall. The work will resume with the appointment of new members to PCB.

As per the PCB Act, the president’s appointees will need the approval of the parliament to retain their posts.