A political debate has erupted over the dismissal of Aishath Noordeen, the Deputy CEO of Bank of Maldives (BML), from the bank’s board of directors after 42 years of service. The dismissal, communicated in a letter from the Privatisation and Corporatisation Board (PCB) on Saturday, has sparked concerns over government interference in the nation’s financial institutions.
The PCB, which oversees government companies, did not provide a reason for Noordeen’s dismissal, which contravenes BML’s charter stating that board members can only be removed through a general meeting of shareholders. This follows a similar incident in January when the PCB dismissed five BML directors, later rescinded, and subsequently resolved through a shareholders’ meeting.
Former Economic Minister Fayyaz Ismail, now the opposition leader, took to X, formerly known as Twitter, to criticise the government’s intervention in BML. He urged the government to “immediately stop this undue influence” to maintain the integrity of the financial system, especially amid the country’s current economic challenges.
In response, Economic Minister Mohamed Saeed attributed the country’s economic difficulties to the previous government but did not provide details about his plans to address the situation.
Ismail countered by urging the government to focus on economic recovery rather than assigning blame. “Dear Minister Saeed, I wish you all the good luck to steer the economy to calmer waters. Unfortunately, I neither see the capacity nor even a vision from you or the government to do so,” he stated.
He emphasised the need for tangible solutions and criticised the current administration for allegedly reverting to the policies of the former government. The former Economic Minister called for immediate actions such as utilising the Sovereign Development Fund (SDF) to bolster foreign reserves and reducing unnecessary costs, including cutting political posts. He concluded with a plea for pragmatic governance: “May Allah SWT bestow sanity on you and the government.”