Government dismisses 5 BML directors amid card limit hike doubt.

Business

On Thursday, the government made the sudden decision to dismiss five directors, including the chairman, appointed to the board of the national bank, Bank of Maldives (BML). This action has resulted in the loss of the quorum required for the BML board.

The directors affected by the dismissal are as follows:

1. Yooshau Saeed - Chairman

2. Juwairiya Saeed

3. Abdullah Husam Shareef

4. Abdullah Hassan

5. Aishat Sajny

These directors were appointed to represent the government during the previous MDP government's tenure.

Efforts to reach the PCB and BML for comments were unsuccessful.

Additionally, Mohamed Sharah, a government-appointed board member, had previously resigned, leaving a total of six vacant positions on the BML board.

According to reliable sources, the BML charter stipulates that the board of directors can be removed through a general meeting or an extraordinary general meeting, a process carried out by previous governments.

As a result of Thursday's developments, the BML board now comprises only the CEO, deputy CEO, and three appointees representing common shareholders:

1. Karl Stumke - CEO and Managing Director

2. Aishath Noordeen - Deputy CEO

3. Abdulla Naseem - Representing common shareholders

4. Ibrahim Mohamed - Representing common shareholders

5. Ahmed Mohamed - Representing common shareholders

BML has declined to implement the cabinet decision to increase the card limit for transactions abroad starting February 1, citing difficulties arising from a shortage of dollars. The bank's inability to provide dollars to some TTs has prompted complaints from traders, further complicating the situation.