The Maldives Development Bank (DBM) has not paid the monthly rent for its office building since the bank was founded in 2024.
In response to a Right to Information (RTI) request filed by lawyer Ahmed Mauroof, the State Trading Organization (STO) said the bank has not paid the rent for the space in the Allied Building where the DBM office is located.
STO leased a space in the Allied Building to DBM for MVR 75,892 per month.
The DBM was inaugurated on November 16, 2024, to mark the one-year anniversary of President Dr. Mohamed Muizzu's government.
This means the bank owes MVR 493,298 as monthly rent to STO since it's inauguration. But the DBM opened after several days of work. Therefore, the amount of rent to STO will be even higher.
Despite being officially inaugurated in November 2024, the bank has not provided any services or issued any loans.
The bank’s CEO, Noel Gregor Paterson-Jones, resigned on March 23, before the facility began operating, due to unpaid salaries.
But the government has spent MVR 6.5 million on DBM as of March, with the bank yet to start operations.
The Finance Ministry did not provide details on how the money was spent, but specified the categories of costs, including branding and license fees.
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.
