The Maldives Industrial Fisheries Company (MIFCO) has dismissed three senior officials from their positions as general managers, citing efforts to strengthen its management and improve governance.
The state-owned company confirmed the decision, stating that the move aligns with an ongoing performance review and reform agenda initiated under President Dr. Mohamed Muizzu’s administration. The restructuring is part of a broader effort to enhance accountability and operational efficiency within MIFCO.
MIFCO has been undergoing significant changes since President Muizzu took office, with a key focus on rooting out corruption and strengthening governance. As part of this initiative, the President appointed Swiss national Dr. Vitaly Lubimov as the new Chief Executive Officer (CEO) in December.
Dr. Lubimov, an expert in strategic crisis management, brings over 20 years of experience to the role. His appointment marked a historic shift as he became the first foreign national to lead MIFCO, reflecting the government’s determination to introduce global expertise into the fisheries sector.
MIFCO, which operates as a fully state-owned entity, plays a crucial role in boosting profitability and ensuring sustainable growth in the Maldives’ fisheries industry. The latest management reshuffle is seen as a step towards enhancing efficiency and transparency, reinforcing the administration’s pledge to reform state-owned enterprises for greater financial and operational stability.
