The Privatization and Corporation Board PCB has lifted its suspension on MIFCO CEO Ahmed Shamah Rasheed.
PCB suspended Shamah after it received a complaint about the CEO related to corporate governance. He was suspended on the 18th of March this year.
When his initial suspension was up by the end of March, PCB extended it till last Sunday. When that suspension expired, PCB decided to lift the whole suspension.
This also means the temporary committee formed to oversee the operations of MIFCO was also disbanded.
Shamah had a long list of complaints made against him including allegations that he had been doling out company posts to family and friends.
In a letter to Shamah, the PCB said it had identified several issues related to MIFCO, including violations of the Corporate Governance Code and rules and regulations made by the PCB.
