Malé, Maldives – The Privatization Corporatization Board (PCB) has responded to criticism of its decision to remove the Managing Director of State Trading Organization (STO), Hussain Amru.
In a statement, the PCB said that all its decisions are made to protect the interests of shareholders, the state, and the public of state-owned companies.
The response was prompted by a tweet from Vilimalé MP Ahmed Usham, who argued that the President’s Office did not have the power to appoint or dismiss people from government company boards.
Usham claimed that this was the responsibility of the PCB, as laid out in the Privatization Act.
The PCB’s statement defended its independence and impartiality, stating that its decisions are always made in accordance with laws, rules, and regulations.
It also noted that changes are being made to strengthen the rules and regulations around the appointment and removal of board members.
The statement clarified that government appointments to boards of government-owned companies are made in accordance with the rules approved by the board, which was constituted under the Act on December 22, 2019.
Amru’s removal was ordered by the President’s Office and was effective as of Sunday evening. The PCB’s statement did not give a reason for his dismissal, but emphasized that its decisions are made in the interests of all stakeholders.
The ongoing debate over the role of the PCB and the President’s Office in appointing and removing board members highlights the challenges of managing state-owned companies and ensuring that their interests align with those of the public.
