The Bank of Maldives (BML) has announced the names of two candidates for the vacant posts on the board of directors proposed by the government.

They are Mohamed Shahid and Ali Irufan.

According to the national bank, Shahid is a former Chief Financial Officer of the Maldives Pension Office and has held senior positions in the Maldives Inland Revenue Authority (MIRA). Irufan is also an experienced financial professional and is currently a director of the Ministry of Finance.

BML’s Appointment, Nomination and Remuneration Committee has approved both candidates as eligible for appointment to the bank’s board. A decision on the appointment of the two to the board will be taken at the Extraordinary General Meeting (EGM) on September 21.

The EGM is a special meeting requested by the Ministry of Finance on behalf of the government which is the main shareholder of BML. It was requested amid the chaos that occurred after the bank decided to limit dollar support for Rufiyaa accounts.

Aishath Noordeen, one of the bank's longest-serving employees and deputy CEO, resigned from the board after the Privatization and Corporatization Board (PCB) decided to sack her.

The government described the BML decision as a financial coup and the police are investigating the incident. However, it is unclear whether anyone has been questioned or arrested in the case.