News Desk
The chief executive of the state‑owned Maldives Industrial Fisheries Company (MIFCO), Farhat Shaheer, has resigned from his post.
The company has not confirmed the reason for his departure, and officials have not commented publicly.
Farhat was appointed as CEO and managing director of MIFCO in March last year.
His resignation comes two weeks after MIFCO raised the price of oil fish canes and then reversed the increase. Economic Minister Mohamed Saeed said the change had taken place without the government’s knowledge. The episode drew public criticism and placed pressure on the company’s leadership.
MIFCO was also the first state‑owned enterprise to announce cost‑cutting measures in response to rising global uncertainty linked to ongoing conflicts and supply disruptions.
Farhat has held several senior roles in government and the public sector. He served as vice chief of the Maldives National Defence Force during the administration of former President Mohamed Nasheed. He retired from the military on 29 February under President Dr Mohamed Waheed Hassan Manik.
After leaving the army, he was appointed CEO of Indira Gandhi Memorial Hospital during the presidency of Abdulla Yameen.
MIFCO has not announced an interim replacement, and it remains unclear how the company will navigate ongoing financial pressures and restructuring efforts in the months ahead.
