All non-executive members representing the government on the Board of Directors of the Bank of Maldives (BML) have been removed from their posts.
Ten members were appointed to the BML board on May 30, 2023. Seven of them were government appointees. and three members were appointed by shareholders.
Adhadhu had earlier reported that Chairman Yoosuf Saeed, Abdulla Hassan and Abdulla Husaam were removed the posts.
Sources now confirm that the remaining members representing the government, Aishath Sajini and Juwairiyya Saeed had also been removed.
But executive members of the board, Managing Director Karl Stumke and Aishath Nooruddin remain on the board while three members appointed by shareholders also remain on the board.
BML has not been available for comments and the government has also not commented on the matter.
The five members who were removed were appointed to the board by the former government. The board now has five sitting members.
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According to this article, the functions of the BML board will come to a halt with the removal of these members. An extraordinary general meeting must be held to appoint new members to the board.
Three directors of the bank, one of the largest financial institutions in the country, have been removed amid questions over the possibility of raising the dollar withdrawal limit to USD 1,200 from February in accordance with the government’s decision to raise the monthly limit for overseas students.
Meanwhile, businesses have said the bank is facing a dollar shortage and is unable to sell dollars for telegraphic transfers (TT) of businesses that buy goods from overseas.
