MIFCO CEO and Managing Director Ahmed Shamah Rasheed's suspension has been extended by Privatisation and Corporatisation Board (PCB).

Shamah was suspended on 18 March for 14 days due to a corporate governance case filed against him. He was suspended until the investigation ends.

PCB said that the suspension has been extended until 21 April and informed Shamah.

Shamah was suspended under the Code of Conduct for Directors of Government-Owned Companies, Complaints and Action Code for a full inquiry into the matter.

PCB said 12 cases are being investigated against him, including nepotism in the hiring process and misuse of company resources for political purposes.