State Trading Organisation (STO) has appointed former parliamentarian Mohamed Gasam as the Managing Director of Fuel Supply Maldives Private Limited (FSM).
Mohamed Gasam was appointed the Managing Director at a board meeting of State Trading Organisation Public Limited STO. His predecessor Hussain Didi resigned from the post last week due to various allegations of corruption against him. He is accused of selling oil worth USD 2.646 million on credit basis during the presidency of President Abdulla Yameen Abdul Gayoom.
FSM, incorporated on December 10, 2000 is now a wholly owned subsidiary of STO, formed with the main objective of streamlining fuel distribution in the country and to offer easy and convenient access to fuel throughout the country.
Until the formation of FSM fuel distribution was managed by STO, which is also the principal importer of fuel in the Maldives. The purpose of FSM was to create a company that would specialise in the distribution of fuel in the Maldives.