Govt proposes to retain BML directors; appoint 2 new members
Government has described the change in card limits as a financial coup and police are conducting a criminal investigation into surrounding events.
The government has proposed to retain the existing board members and appoint two new members to the board of directors of the
An extraordinary general meeting of shareholders has been scheduled for September 21 to make changes to the board of directors following tensions between the government and the bank following the recent ban on foreign transactions from cards issued to BML's Rufiyaa accounts.
BML said in an announcement on Tuesday that the government has proposed to appoint two directors to the board. The government sent the following appointments to the board:
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Mohamed Shahid - Accounting expert and has held senior positions in the tax authority, Maldives Inland Revenue Authority (MIRA)
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Ali Irfan, Daylight Villa/Addu Maradhoofeydhoo - Higher education in accounting and finance; He has worked as a consultant to the ministries of finance and health
The government has not proposed to appoint anyone else to the board.
The deadline for submitting changes to the board has now expired.
There are currently eight members on the BML board:
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Five directors appointed by the government
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Three directors representing private shareholders
The post of BML chairman and two other directors are currently vacant.
The government has described the change in card limits as a financial coup and police are conducting a criminal investigation into surrounding events. The ruling PNC has also called for the resignation of the CEO and board members of BML.
BML deputy CEO Aishath Noordeen has resigned from the board after the government announced that she had been removed from the board. However, she still works as the deputy CEO of the bank.
The government holds a 66.27% stake in BML, including government, government-owned companies and institutions. The remaining 33.73% of the shares are owned by the public. The majority of the public shares are owned by Champa Brothers, Maldives' largest business family.
