Deputy Speaker of Parliament Ahmed Nazim raised concerns on Monday over the role of foreign executives in state-owned companies during a parliamentary debate on the Companies Act Amendment Bill. He referenced a recent controversy involving Bank of Maldives’ (BML) US dollar transaction limits.
Nazim criticised the involvement of non-Maldivian executives in key roles when the bank initially imposed limits on dollar transactions last month, a move intended to address the foreign exchange shortage. Under pressure from the government, the bank reversed its decision, with President Dr Mohamed Muizzu labelling the initial action an attempted coup.
The deputy speaker pointed out that, at the time, the operations director, credit control manager, and risk manager were all foreign nationals, each reportedly earning a salary of $15,000. He expressed concerns that the absence of local control in such critical roles could lead to more severe consequences in the future.
“If this continues without proper oversight, we risk more serious issues in the future,” Nazim warned. He urged the Finance Ministry and the Privatisation and Corporatisation Board (PCB) to strengthen governance in state-owned enterprises to ensure that such decisions are made in the nation’s best interest.
