Farhath Shaheer has been appointed as the Managing Director of MIFCO.

The Privatization and Corporatization Board (PCB) said tonight that Brigadier General (Rtd) Farhath Shaheer of M. Aalivilage has been appointed as the Managing Director and Chief Executive Officer (CEO) of MIFCO.

Farhath is a former Vice Chief of Defence Force who honorably retired from the military service in 2012. He served in the MNDF for 30 years.

After retiring from military service, Farhath also served as the CEO of IGMH during former President Abdulla Yameen Abdul Gayoom's administration.

Farhath is the third person to hold the position of MIFCO's Managing Director since President Dr. Mohamed Muizzu came to power. Ahmed Shamah Rasheed was first appointed as MIFCO's CEO and Managing Director. However, he was dismissed from the position in May last year amid corruption allegations. After that, the position was vacant, and they had advertised to find a foreign CEO.

The most recent person to hold the position was Dr. Vitaly Liubymov from Ukraine. Vitaly, who holds a doctorate in Public Administration and a PhD in Economics, was dismissed from the position last Monday. However, PCB has not revealed the reason for his dismissal.\