PCB president Hamdhy Ageel dismissed

Hamdhy Ageel has been dismissed from his role as the president of the Privatization and Corporatization Board (PCB) – the regulator of state-owned enterprises.

Heena Waleed, the chief spokesperson at the President’s Office, confirmed Hamdhy’s dismissal on Thursday, but declined to disclose a reason for the decision.

Hamdhy had been appointed as a member and president of the PCB by President Dr. Mohamed Muizzu on November 22, 2023 – less than a week after he assumed office.

Hamdhy graduated with a Master of Commerce from Australia's Curtin University.

He previously held the position of Managing Director of Maldives Road Corporation and also served as the Managing Director of Fuel Supply Maldives.

The authority for appointment and dismissal of members of the PCB lies with the President.

Hamdhy’s sudden dismissal comes a day after the PCB issued a circular instructing state-owned enterprises to reduce expenses and refrain from providing employees with any gifts or incentives for Ramadan beyond the legally mandated special allowance.