The Privatization and Corporation Board (PCB) has announced the dismissal of Abdulla Ziyad from his role as Chief Executive Officer (CEO) and Executive Director of the Board of Maldives Transport and Contracting Company (MTCC).

Ziyad, who was appointed to the position on November 23 last year, was reportedly dismissed due to underperformance.

The decision was officially confirmed in a press release issued by the PCB on Wednesday. Ziyad, a former State Minister who held senior positions across several ministries, has now been reappointed as a State Minister at the Ministry of Environment.

Rumors had been circulating for some time that Ziyad would be removed from his post due to dissatisfaction with his performance.

In the same press release, the PCB announced that Ahmed Saudhee, former Deputy Commissioner of Police, has been appointed as the new Managing Director of MTCC.

Saudhee was previously head of the Community Engagement Unit, a division established by the City Council.

MTCC, a key player in infrastructure development in the Maldives, is currently grappling with significant financial challenges.

The company reported a debt of MVR 954 million at the end of the previous government, with outstanding obligations amounting to MVR 1.7 billion to various parties.