Saruvash resigns from pension board over govt bond
The pension fund has decided to reinvest the amount by purchasing new government bonds worth MVR 2.4 billion using the funds received from the MMA.
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Ahmed Saruvash Adam has resigned from the board of the Maldives Pension Office following the office’s decision to purchase government bonds through financing arranged by the Maldives Monetary Authority (MMA).
Saruvash announced his resignation in a post on X on Wednesday.
“I believe it raises serious legal, fiduciary, and economic concerns, and I chose to step down to uphold the principles of prudence, integrity, and institutional independence,” he wrote.
The decision in question involves the MMA proposing to buy MVR 2.4 billion worth of government bonds currently held by the pension fund and convert them into five-year long-term bonds. The pension fund has also decided to reinvest the amount by purchasing new government bonds worth MVR 2.4 billion using the funds received from the MMA.
