In a predictable turn of events, on 26th March 2023, the Managing Director of the largest state owned enterprise, State Trading Organisation (STO) has been dismissed.
This decision was carried out by the President’s Office through a letter that was issued to the Privatization and Corporization Board (PCB) requesting to remove the Managing Director Hussain Amr from office.
While the reason for this dismissal was not announced to the public, the Chief Financial Officer (CFO) Mohamed Nizam has now taken over this position temporarily.
MD Amr was scheduled for a program on national television (TVM) - however the program was cancelled due to the upcoming dismissal and the show was not aired.
With many not knowing why Amr was dismissed so suddenly, there are speculations that this dismissal came following the Amr supporting the former President, (and now the Speaker of Parliament) Mohamed Nasheed. Since Amr has openly supported Nasheed during the recently held primaries of the Maldivian Democratic Party (MDP), where President Solih won against Nasheed - this dismissal is no surprise.
The STO group, with its subsidiaries, and joint ventures, is one of the largest companies with diverse businesses. It has significant and focused interests in petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronics, supermarket products and also insurance.
The company is geographically diverse with operations and developments throughout Maldives and operations in Singapore as well.