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The Employment Tribunal has dismissed a $42,000 severance claim filed by Dr. Vitalie Liubimovic, MIFCO’s first foreign CEO and an international corporate specialist. The tribunal ruled that his employment agreement was legally invalid because it was signed without proper approval from the company’s board of directors.
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Dr. Vitalie, who was dismissed within three months of being appointed as CEO and MD of MIFCO
The Employment Tribunal has ruled against Dr. Vitalie Liubimovic, MIFCO’s first foreign CEO and a corporate specialist, denying his $42,000 severance claim after finding his employment contract legally invalid.
The Employment Tribunal of the Maldives has rejected a $42,000 compensation petition filed by Dr. Vitalie Liubimovic, a Ukrainian national and corporate restructuring specialist who served as the first foreign Chief Executive Officer and Managing Director of state-owned Maldives Industrial Fisheries Company (MIFCO).
Dr. Liubimovic was recruited by the administration in December 2024 to lead structural reforms and resolve severe financial difficulties at the state fisheries firm. However, his tenure was cut short when he was terminated less than three months after taking office in March 2025. Following his removal, the foreign executive submitted a case to the tribunal, alleging wrongful termination without the contractually stipulated three-month notice period.
Nationality and Experience: Ukrainian national with over 20 years of experience in corporate management, production technologies, engineering, and banking.
Core Areas of Expertise: Specialized in crisis management, corporate restructuring, risk analysis, change management, and labor law frameworks.
Recruitment Objectives: Hired following a global recruitment drive seeking senior executives with extensive international fisheries and operations experience to tackle MIFCO’s debts exceeding MVR 1.2 billion.
Historical Significance: Marked the first time in MIFCO’s history that a foreign specialist was appointed to lead the state enterprise.
Complainant: Dr. Vitalie Liubimovic (First Foreign CEO and Corporate Management Expert, MIFCO).
Respondent: Maldives Industrial Fisheries Company (MIFCO).
Compensation Claimed: $42,000 (MVR 647,640), representing three months of salary in place of notice.
Presiding Tribunal Member: Mariyam Rishfa.
Tribunal Ruling: Contract declared legally invalid due to lack of board authorization; claim dismissed.
Tribunal Member Mariyam Rishfa concluded that the employment contract submitted by the former foreign executive could not be enforced under Maldivian corporate law.
An internal investigation revealed that the agreement was signed on behalf of MIFCO by the acting head of Human Resources without authorization from the Board of Directors. Under MIFCO’s charter and the Companies Act, executive employment agreements for top management must be approved directly by the board or signed by two board directors. Because the HR official lacked formal board authorization, the tribunal declared the agreement void, ruling that no notice pay or damages could be awarded under an invalid contract.
