Abdul Majeed Ali, who previously served as a board member and most recently as the acting head, has been appointed as the Chairperson of the Maldives Pension Administration Office (MPAO) board.
Although the appointment was made last Thursday, the Pension Office officially announced it yesterday. Majeed has been appointed to the post for a three-year term.
The vacancy arose following the resignation of the former Chairperson, Ahmed Inaz.
Pension Office Chairman resigns over money printing plans
“At a time when the state’s financial situation is deteriorating to a worrying level, multiple negotiation did not lead to a sustainable solution over the government’s proposed 2.4 billion bond issue," the former Finance Minister said.
Majeed first joined the Pension Office Board in February 2022.
With experience in the financial and banking sectors, Majeed has held positions at the Bank of Maldives and the Bank of Ceylon. He also previously served as a private sector representative on the board of the Capital Market Development Authority (CMDA).
Majeed holds a Bachelor’s degree in Business, Banking, Finance, and Accounting from Monash University, Australia. He also earned a Master’s degree in International Economics, Banking, and Finance from Cardiff University in Wales.
The resignation of former Chairperson Inaz, along with several board members and senior officials, followed allegations that the government attempted to utilize the Pension Office to facilitate money printing to meet funding requirements.
Sujatha refused to sign bond transaction document
Sources told Adhadhu on condition of anonymity that the board wanted to proceed with the transaction today. However, Sujatha refused to sign the document as the head of the Pension Office.
The CEO of the Pension Office, Sujatha Haleem, also resigned after refusing to sign off on bond purchase and sale transactions that had been approved by the board.
Sources speaking on condition of anonymity informed Adhadhu that while the board intended to proceed with the transactions immediately, Sujatha, in her capacity as head of the office, refused to sign the necessary documentation.
In addition to Majeed’s appointment as Chairperson, Yameen Idris, the former Managing Director of the Maldives Hajj Corporation, has been appointed as a member of the Pension Office Board.
