The government of Seychelles will appoint a new management team and board for the Seychelles Trading Company (STC), saying the state-owned enterprise has faced severe financial difficulties for the past two years.
Finance, Economic Planning and Trade Minister Pierre Laporte said the new leadership will be tasked with addressing the company’s financial problems. The first change came with the dismissal of CEO Ashik Hassan, who held the post for ten months, having taken office in February 2025.
Current board chairman Imtiaz Umarji, who has served two mandates since 2021, said the board lacked a clear view of STC’s financial position in recent years. He said oversight was affected by the absence of a chief financial officer, adding that it took nearly a year to recruit a new CFO because of delays in securing GOP approval.
Mr Umarji confirmed to local media on Wednesday 3 November that Mr Hassan had been the one consistently reporting the company’s financial issues to the board each month. Asked why the CEO was dismissed despite raising concerns, Mr Umarji did not provide an explanation. Minister Laporte, stepping in, said Mr Hassan would not be the only senior figure to leave, adding that further changes would include members of top management and the board, including Mr Umarji, who was sitting next to Minister Laporte when this was announced publicly. He emphasised that the decision was not political, noting that Mr Hassan’s brother previously served as Minister of Finance.
In an email statement, Mr Hassan said he took office at a time when STC was already experiencing financial challenges linked to declining revenue and profitability, as well as significant capital outflows for infrastructure projects since 2022. He said the company’s liquidity issues were the result of several years of weakened performance, a finding supported by a recent financial review.
Earlier this year, Mr Hassan asked the board to hire an external CFO consultant to conduct the financial review and improve reporting systems. He said the review independently confirmed the organisation’s financial position and was presented to both the board and the new administration.
Mr Hassan said he viewed these actions as a responsible effort to improve transparency and support decision-making. He confirmed he had been informed that his services would no longer be required, though he has not yet received formal notice of his exit terms. He added that no disciplinary action has been taken against him under the Employment Act.
He said he respects the administration’s decision and aims for a professional and amicable exit