Brigadier General (Retired) Farhath Shaheer, the newly appointed CEO of Maldives Industrial Fisheries Company Limited (MIFCO), has expressed confidence that the company can become a leading and profitable entity in the fisheries sector.

His appointment, announced on March 5, follows the dismissal of Dr Vitaliy Lyubimov, MIFCO’s first foreign CEO and Managing Director, earlier in the week.

Taking on the role at a critical juncture, Farhath has emphasised the need for immediate reforms and strategic decision-making to revitalise the company and strengthen its position within the industry.

Bringing extensive leadership experience to his new role, Farhath had served in the Maldives National Defence Force (MNDF) for 26 years. Since joining the armed forces in 1986, he has held various senior positions, culminating in his appointment as Vice Chief of Defence Force before retiring in 2012. His academic background includes a degree in Military Stars and a Masters degree in Military Art and Science from the Indonesian Military College.

Following his military career, he continued to serve the nation in key administrative roles. He was appointed Chairman of the National Drug Control Board before assuming the position of CEO at Indira Gandhi Memorial Hospital (IGMH) in 2014. His tenure at IGMH, which lasted until 2018, is widely credited with modernising the hospital and introducing new services that significantly improved healthcare delivery.

Speaking to local media, Farhath highlighted the importance of sustainable development in fisheries, stating that if properly managed, the sector could reclaim its position as the Maldives' number one industry. While acknowledging the challenges ahead, he remained optimistic that, with the collective efforts of all stakeholders, these obstacles could be overcome.

Addressing MIFCO’s current financial and operational difficulties, he stressed the urgency of taking decisive action to stabilise the company. He further stated that important steps needed to be taken soon to recover from the current situation, adding that tough decisions would be necessary to ensure MIFCO becomes a leading and profitable company in the Maldivian fisheries sector.