Following the dismissal of Ahmed Shamah Rasheed from the post of Managing Director of STELCO yesterday, the Anti-Corruption Commission (ACC) has begun investigating a corruption case alleged against him. Although the Privatization and Corporatization Board (PCB) did not disclose a specific reason for Shamah’s dismissal, this action was taken amidst the emergence of a leaked audio regarding the embezzlement of company funds on social media.

The ACC has confirmed to some media outlets that they are looking into corruption cases involving Shamah.

In the circulating audio, the person alleged to be Shamah speaks proudly of obtaining undue advantages through a “pipeline” within STELCO—claiming these benefits exceed what he received while at MIFCO. While the speaker notes that only the company’s Head of Procurement, Azhad, and an HR employee named Said are aware of this “game,” Azhad has also now been dismissed from his position.

Although Shamah has denied the allegations, stating that the voice in the audio is not his, serious accusations regarding his management style were previously raised during his tenure as the MD of MIFCO, where he was also removed from office following a suspension.