Karl Stumke, Managing Director (MD) and Chief Executive Officer (CEO) of the Bank of Maldives (BML), has resigned from his post.
According to an announcement posted on BML's website, he submitted his resignation on September 8.
"Karl will remain as CEO until the Bank’s EGM scheduled on 21st September 2024. The Deputy CEO Aishath Noordeen will be taking charge of the Bank during the recruitment process of the CEO," it read,
BML also stated that the board of directors will commence the recruitment process to search for a replacement.
Karl's resignation comes amid a police investigation into allegations that a professional decision made by the bank's board to suspend dollar transactions from Rufiyaa accounts was a "financial coup."
Credible sources told Adhadhu that Karl departed from the Maldives despite the ongoing investigation. It is unclear whether his statement was taken by the police.
Police announced on the night of August 26 that they were investigating the allegations that BML and the opposition Maldivian Democratic Party (MDP) had attempted to overthrow the government in a financial coup on August 25.
Karl has more than 36 years of experience at the executive and board levels in retail and corporate banks in the Middle East, Africa, Indian Ocean countries and the United Kingdom.
He joined BML after serving as CEO of Al Ahli Bank of Kuwait in the United Arab Emirates.
Karl was appointed CEO of BML on October 11, 2022. He was appointed Managing Director of the bank on December 22, 2022.
