Two BML board directors reinstated in govt U-turn
The sudden sacking of BML's board directors has raised a few legal questions.
By
Ahmed Naif
The government has re-appointed several members of the board of directors of the national bank, Bank of Maldives (BML).
A reliable source confirmed to Atoll Times on Saturday that two of the five board members who were fired by the government last Thursday have so far been informed in writing of their re-appointment to the BML board.
However, the source refused to divulge names of the two board directors that have been reinstated.
According to the source, there is a possibility that the others that were fired could be re-appointed too.
The directors who were sacked are:
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1-
Yooshau Saeed - Chairman
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2-
Juwairiya Saeed
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3-
Abdullah Husam Shareef
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4-
Abdullah Hassan
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5-
Aishath Sajny
The sudden removal of five directors appointed to represent the government on the BML board has reduced the number of board members to five, which is well below the quorum.
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According to the BML charter, an Extraordinary General Meeting (EGM) must be held to remove and appoint directors from the board
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There are legal questions about the removal of BML's board directors
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BML has been refusing to implement the Cabinet's decision to increase the card limit for students studying abroad. BML said it is difficult to increase the card limit for transactions abroad due to dollar shortage.
