BML provides official statement for financial coup investigation

Sep 2, 2024, 10:57 AM
BML provides official statement for financial coup investigation

Police have taken an official statement from the Bank of Maldives (BML) in connection with the alleged collusion between the bank and the opposition Maldivian Democratic Party (MDP) to overthrow the government.

The government claims BML and MDP attempted to overthrow President Dr. Mohamed Muizzu's government on August 25. Police say people were urged to take to the streets against the government following BML's decision to suspend the dollar limit.

Adhadhu has learnt that the national bank had submitted an official statement after being asked to give a statement to the "financial coup" investigation. However, no criminal charges have been raised against any employee of the bank.

BML declined to comment on whether a statement had been submitted to the police.

The police cited three reasons for the accusation of attempting to overthrow the legitimate government. The reasons are;

  • Politicians held a press conference on the government's financial situation coinciding with the announcement of a shocking decision, by the bank of which the government is the majority shareholder, against the government's advice.
  • At the same time, hundreds of 'bot accounts' on social media were used to call people to take to the streets to overthrow the government and to disrupt public order.
  • This can be considered as an attempt to overthrow a legitimate government.

However, the decision made by BML's board of directors was in accordance with Article 15 of the Banking Act due to a shortage in foreign currency.

But the government continued to exert influence until the decision to suspend the dollar limits was reversed. The bank's CEO Karl Stumke was summoned to the President's Office and the President had a meeting with him.

More than a week after the alleged coup, police have not revealed whether any suspects were questioned or any buildings have been searched in the investigation. Police also confirmed that no passports had been seized.

Meanwhile, President Muizzu had alleged that the attempted coup was planned ahead.

"What was done, anyone with common sense would know that all these dots are connected, what was done is, just as Shiyam [Minister Shiyam] also pointed out, it was an attempted coup, by whoever was behind it," he said.

Comments

Read More

Latest News

Two teachers arrested for sexual abuse of minors

Two 52-year-old teachers were arrested on a southern island for the alleged sexual abuse of three minors. The first suspect was detained for abusing a 16-year-old, while the second faces charges involving girls aged 12 and 13. Both men have been remanded in custody as police continue their investigation into these serious allegations.

Male’ City Council backs movement against Rasmale' deal

The Male’ City Council has pledged full support to the "Maldivian Land for Maldivians" movement. Led by former Minister Imran Abdulla, the group opposes the Rasmalé project’s land allocation to foreign firms. The council, as a key stakeholder, aims to address housing concerns while aligning with public sentiment against the deal.

Details of nine rape suspects publicised after remand extended

A court has remanded nine suspects following the alleged sexual assault of a 22-year-old woman and several minors in Huvadhu Atoll. Remand periods for the men range from five to 90 days as a specialized team investigates the case. Authorities are treating the matter as a serious offense while withholding location details to protect the victims.

"Rasmale' deal offers no financial benefit to the state"

Expert Ismail Zariyand claims the Rasmalé project offers no financial benefit to the state over the next decade, contradicting government profit projections. He argues that infrastructure needs and slow construction will delay social benefits, with only a fraction of promised housing likely completed by 2028.

Massive fire destroys Shaviyani Funadhoo’s only petrol station

A massive fire destroyed the only petrol station in Shaviyani Funadhoo, spreading to nearby warehouses and causing a fuel crisis. While several buildings were damaged and minor injuries were reported, the blaze is being contained by residents and MNDF. The council is now seeking government aid to restore the island's essential fuel supply.

"MPs face financial hardship after spending on constituents"

MP Ahmed Azaan claims many Maldivian lawmakers face financial hardship because they spend most of their salaries on constituent requests. He argues that local cultural expectations for MPs to fund personal needs and community events make comparisons to foreign legislators' wages unfair, as those nations provide separate administrative funding.

Exclusive: Cabinet approved changes for foreign land ownership

The Maldivian Cabinet approved constitutional amendments to allow foreign land ownership and create real estate development zones. Despite being passed in 2025, implementation was delayed due to political setbacks and public sensitivity. The government also prepared a PR strategy to manage potential backlash over the controversial policy.

Newsletter

Get the latest news delivered straight to your inbox