Pension Office board approves MVR 2.4bn govt bond investment
Sources said the board approved the appointment of an interim chairperson to proceed with the transaction.
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The board of the Pension Office has approved an investment in a government bond valued at MVR 2.4 billion, sources familiar with the matter said.
While no official details have been released, a source confirmed that the Pension Office board granted approval for the investment.
The development follows the resignation on Sunday of the board’s chairperson, Ahmed Inaz, who previously served as Minister of Finance. Two other senior officials, board member Ahmed Saruvash and chief financial officer Hawwa Fajwa, resigned late last year, citing concerns that the transaction contravened the Finance Act and internal regulations of the Pension Office.
Sources said the board approved the appointment of an interim chairperson to proceed with the transaction. Applications for the position of chairperson were opened on Monday.
According to information available, the board decided to use pension funds to invest in the government bond following the raising of MVR 2.4 billion from the Maldives Monetary Authority.
