The Employment Tribunal has ruled that MIFCO’s former CEO, Vitaly Lyubimov, is not entitled to compensation for being dismissed without notice.

Vitaly was removed from the position of CEO in March 2025, just three months after being appointed. Challenging the decision, he filed a case with the tribunal seeking USD 42,000 — the equivalent of three months’ salary.

The tribunal found that although Vitaly’s employment contract stipulated that notice must be given prior to dismissal, the contract itself was not enforceable. The reason cited was that the contract had been signed on behalf of the company by an individual who did not have the authority to do so. The contract was signed by the company’s Managing Director, but MIFCO argued before the tribunal that only the company’s Chairperson had the authority to sign such an agreement, and that the matter should be handled in accordance with the laws and regulations of the Privatisation and Corporatisation Board (PCB). Notably, Vitaly’s employment contract was drawn up two months after the PCB had appointed him to the role.

During his short tenure at MIFCO, Vitaly carried out notable work, including appointing individuals to key positions without yielding to political influence. Prior to his dismissal, he had also issued a statement expressing concern over attempts to exert political influence on the company. He was removed from his post only a few days after issuing that statement.

In an interview with Adhadhu following his dismissal, Vitaly said that, like other state-owned enterprises, MIFCO too had been subjected to political interference.

“Just like other state-owned companies, MIFCO’s operations were being subjected to a great deal of influence. There were attempts to influence the decisions made by management and the policies I was upholding,” Vitaly said.