The Pension Office Chief Executive Officer (CEO), Sujatha Khaleem, has resigned less than 24 hours after the board approved using the pension fund for money printing in the guise of a financial securities transaction.
According to reliable sources, Sujatha resigned today. She is the fifth person to resign from a senior position of the Pension Office since the government began efforts to approve the transaction.
The Pension Office issued a statement defending the board's decision amid widespread criticism of the transaction on February 3.
Pension Office board Chairman Ahmed Inaaz and private sector representative Ahmed Saruvash Adam earlier resigned from the board after saying this transaction would be detrimental.
Both Inaaz and Saruvash said the transaction would have negative consequences in the near and distant future at a time when the state's financial situation is fragile.
In addition, Ahmed Rasheed, who represented the Finance Ministry on the board, and Hawwa Fajwa, who was the Chief Financial Officer (CFO) of the office, also resigned. Reports say their resignation is also connected to the money printing transaction.
Reliable sources confirmed to Adhadhu that the board approved the MVR 2.4 billion transaction on February 2.
The Pension Office will conduct this transaction by selling bonds previously purchased from the Finance Ministry to the Maldives Monetary Authority (MMA) and investing the proceeds in a new long-term government bond.
