Former President Abdulla Yameen Abdul Gayoom has warned that Bank of Maldives (BML) Chief Executive Officer Mohamed Shareef will be held accountable for his actions once the government changes.
Speaking at a gathering of the People’s National Front (PNF) on Friday night, Yameen accused Shareef of making major financial decisions without the approval of the bank’s board.
“It is a place where the public has a stake. These things are being done without taking it to the board. Shareef should know that when the government changes, the law will follow him,” Yameen said.
Yameen criticised the government for treating BML as if it were part of the President’s Office finance department, saying the bank’s independence had been undermined.
“It is not the finance department of the President’s Office. It is the people’s bank. Now large depositors are at a point where they would like to start withdrawing from the bank,” he said.
He further alleged that the government was using BML to raise funds after running out of external borrowing options. According to Yameen, the bank has been purchasing treasury bills and bonds issued by the government and financing projects undertaken by government-owned companies.
BML’s latest quarterly report shows that while the bank’s operating profit rose in the third quarter of this year compared with the previous quarter, its net profit declined.