Aishath Sajny, one of the government’s representatives on the Board of Directors of the Bank of Maldives (BML), has resigned from her post. While the reason for her resignation is unclear, she is currently abroad, and no official comment has been made by BML.
Sajny’s departure comes at a time of significant leadership upheaval at the country’s largest bank. Last month, the bank’s Deputy CEO, Aishath Noordeen, was removed from the board of directors after 42 years of service. The reason for her removal has not been disclosed. The Privatisation and Corporatisation Board (PCB), which oversees state-owned companies, communicated the decision, despite BML’s charter stipulating that board members can only be removed through a general meeting of shareholders.
Earlier this year, in January, the PCB dismissed five BML directors, triggering legal concerns. While the dismissals were rescinded and the directors reappointed, they were later officially removed following a shareholders’ meeting. This series of events has drawn attention to the bank’s leadership structure and the legal complexities surrounding the appointments and removals.
In addition to the board reshuffling, Managing Director and CEO Karl Stumke resigned earlier this month amidst accusations that BML’s recent decisions were linked to an attempted coup against the government. Stumke’s resignation was announced on 8 September, and he is set to remain in his position until a special annual general meeting scheduled for 21 September. His departure follows controversy surrounding the bank’s decision to suspend foreign transaction allowances on Maldivian Rufiyaa (MVR)-linked debit and credit cards, a move that was quickly reversed after pressure from the Maldives Monetary Authority (MMA).
Amid this instability, the government has nominated Ahmed Ali Habeeb, Principal Secretary to the President on Cabinet Affairs, as the next chairman of BML. His appointment is expected to be finalised during a board meeting following the Extraordinary General Meeting (EGM) this Saturday. Habeeb’s nomination follows President Dr Mohamed Muizzu’s removal of former chairman Yooshau Saeed in January 2024, marking the latest in a string of leadership changes at the bank.
Sajny, who has over a decade of experience in macroeconomics and finance, was serving as the Chairperson of BML’s Board Corporate Governance Committee prior to her resignation.
