Financial experts are expressing concern over Bank of Maldives (BML) operating without a Chief Financial Officer (CFO), particularly as the bank faces a severe dollar liquidity crisis that has hindered its ability to provide services to customers.
The bank’s last CFO, Nandana Senevirathne, quit on October 16 last year. Since then, the national bank has been functioning without a financial officer at the C-suite or top management level.
There are no listings for a CFO on the bank’s job portal, nor has any public announcement been made to fill the vacancy.
Speaking to Adhadhu on condition of anonymity, a financial expert explained that a key responsibility of a CFO is to evaluate management’s proposals against the bank's financial reality and, when necessary, advise that funds are unavailable for specific initiatives.
"Whether it is approving a major loan, purchasing T-bills, or making a significant corporate investment, the CFO is the one who has the final say based on the figures," the expert said.
The expert, who has years of experience in the banking sector, noted that the primary concern is the weakening of the bank’s internal oversight. He emphasized that in any financial institution or large corporation, a robust system of "checks and balances" can only be maintained with a CFO in place.
Another expert sharing these concerns noted that the CFO’s role is to provide a "reality check" to management. He stressed that having a person in this position is essential during the current economic challenges.
"This is as dangerous as a massive vessel heading into a storm without anyone monitoring the fuel levels," he explained.
Adhadhu understands that the responsibilities of the CFO are currently being overseen by a Director of Finance. BML has not responded to inquiries regarding why the position has remained vacant for so long or whether efforts are underway to recruit a permanent CFO.
