Announcement seeking CEO for MIFCO annulled, citing lack of ‘eligible’ applicants

The announcement publicized by the Privatization and Corporatization Board (PCB) seeking a new Chief Executive Officer (CEO) for the state fisheries company, Maldives Industrial Fisheries Company (MIFCO), has been annulled citing lack of eligible applicants.

PCB publicized the announcement seeking a new CEO for MIFCO, which is in dire financial state, on June 26^th. The application deadline expired on Monday.

PCB informed the annulment of its earlier announcement via a new announcement on the government gazette on Tuesday, citing they did not receive applications from any eligible candidates during the application period.  

Notably, veteran economic expert Athif Shakoor submitted his application for the post, which was confirmed to Sun by him on Monday.

He said he applied for the post in hopes of steering the troubled SOE’s trajectory towards profitability.

Athif was employed at MIFCO under varying capacities between 2004 and 2013. He had initially filled the Sales and Marketing Manager’s role at the corporation after which had been the Deputy Managing Director and later the Managing Director of MIFCO as well.

Regarded among one of the most experienced economic experts in the Maldives, Athif had also filled the Managing Director position of Maldives Transport and Contracting Company (MTCC) as well as the Chairman’s role of Dhiraagu.

During former President Abdulla Yameen’s administration, Athif led the Financial Intelligence Unit (FIU), which was founded to curtail money laundering and terrorism financing activities.

However, he was later accused of violating the Prevention of Money Laundering and Financing of Terrorism Act (10/2014). 

Allegedly, Athif failed to report the suspicious financial transactions made from Maldives Marketing and Public Relations Corporation (MMPRC) to SOF, a privately owned corporation, to relevant authorities. His case is still on trial in court. 

PCB publicized the announcement seeking a new CEO for MIFCO following the dismissal of Ahmed Samah Rasheed who previously held the post on May 21^st. He was later appointed a State Minister at the Fisheries Ministry.

PCB, in its announcement, confirmed both locals and foreigners who meet the eligibility criteria can apply for the post, which offers a remuneration between USD 9,500 and USD 12,000 (MVR 146,775 – MVR 185,400).

MIFCO, a subsidiary of the STO Group, has been operating at continued financial loss for years.