The government has nominated Principal Secretary to the President on Cabinet Affairs Ahmed Ali Habeeb as the next chairman of the Bank of Maldives (BML). His appointment is expected to be finalised at a board meeting on Saturday, following the Extraordinary General Meeting (EGM).
Habeeb’s nomination comes after months of upheaval at the country’s largest bank, including the dismissal of senior executives and a high-profile resignation.
Last month, Aishath Noordeen, the bank’s Deputy CEO, was removed from the board of directors after 42 years of service. The Privatisation and Corporatisation Board (PCB), which oversees state-owned companies, communicated the dismissal in a letter, but the reason behind the decision has not been disclosed. BML’s charter stipulates that board members can only be removed through a general meeting of shareholders.
Earlier this year, in January, the PCB dismissed five BML directors, sparking legal concerns. The dismissals were later rescinded, and the directors were reappointed, only to be officially removed through a shareholders’ meeting.
The leadership changes have intensified in recent weeks with the resignation of Managing Director and CEO Karl Stumke. Stumke stepped down amid accusations that the bank’s recent decisions were linked to an attempted coup against the government. His resignation was announced in a statement posted on the BML website on 8 September, with the bank confirming he would remain CEO until a special annual general meeting on 21 September.
Stumke’s departure follows the bank’s controversial decision to suspend foreign transaction allowances on Maldivian Rufiyaa (MVR)-linked debit and credit cards, a move that was swiftly reversed after pressure from the Maldives Monetary Authority (MMA). The suspension led to public outcry and accusations from senior government figures, including President Dr Mohamed Muizzu, who suggested BML was involved in a plot orchestrated by the opposition.
Opposition leaders have rejected the allegations, calling them an attempt to divert attention from broader economic issues.
BML’s Board of Directors has already begun the process of selecting a new CEO, while Habeeb’s appointment is expected to fill the chairman position that has remained vacant since President Muizzu abruptly removed Yooshau Saeed, who was appointed under the administration of former President Ibrahim Mohamed Solih, in January 2024.
