President of the Privatization and Corporatization Board (PCB) Hamdhy Ageel on Tuesday criticised the Bank of Maldives (BML) for the bank’s lack of cooperation with the state-owned enterprise (SOE) regulator.
Replying to a question during the Parliamentary Committee for SOEs, Ageel said the PCB had recommended the removal of a board member, a year after their resignation, because the bank had failed to informed PCB of the resignation.
Overall, the bank does not provide information to the PCB, Ageel said. BML has further, on several occasions, been advised to amend certain procedural rules, to reflect revisions to law, but have failed to do so, Ageel said.
“BML operates very independently as a public company. We have advised them many times to amend their procedural rules, we are still advising them, and we will continue to do so during the coming change,” Ageel said.
According to Ageel, three laws that have come into force after BML formulated its initial procedural rules require changes which the bank has failed to implement on account of not heeding PCB’s advice.
BML has also refused to to provide any information to the PCB, Hamdi said.
“You talked about a bank that does not provide information even when asked for information,” Ageel said in response to a question by Member of Parliament for Central Maafannu, Ibrahim Rasheed.
Replying to a question by another member, Ageel said BML was “extremely uncooperative” with the PCB.