Adhadhu has learnt that the Managing Director and CEO of the Maldives Development Bank (DBM), Noel Gregor Paterson-Jones, resigned because of unpaid salaries and benefits.
Noel was appointed to the position in August 2024. His resignation was announced on March 23. The bank has not yet started operations. Economic Minister Mohamed Saeed had earlier said he did not know the reason for Noel's resignation.
According to documents obtained by Adhadhu, Noel filed a complaint with the Employment Tribunal on April 7 over unpaid salaries and benefits. However, the tribunal dismissed the case a month later.
The tribunal dismissed the case on the grounds that Noel was a foreigner who did not speak Dhivehi and had not appointed a translator within the given duration.
The DBM was inaugurated on November 16 to mark the one-year anniversary of President Dr. Mohamed Muizzu's government. But the bank has not provided any services or issued any loans.
The Maldives Monetary Authority (MMA) issued the license to operate DBM on October 13, 2024. The license was issued on condition that banking services be provided within a year.
The government says the bank will facilitate the provision of loans and funds for development.
Saeed earlier said the bank was inaugurated without plans to begin service immediately.
In a post on X, the Economic Minister said DBM would be formed in three phases and that the first phase of institutional setup was progressing on schedule.
But the government did not initially say whether the services would be launched under a phased plan.
