BML to host another EGM on Sept 21

Bank of Maldives (BML) has scheduled an extraordinary general meeting (EGM) for September 21, 2024, to appoint new board members proposed by the government.

In an announcement made today, the bank revealed that the EGM will be held at 10:00 hrs on September 21st and that the meeting will only be open to those who are registered as shareholders of the company before 10th September.

While there are a total of 11 members on BML's board, eight are appointed by the government and three represent public shareholders. However, there are only eight members on the board at the moment.

BML also detailed that this EGM is being held at the request of the Ministry of Finance and that the meeting will be held via the Maldives Security Depository (MSD)'s online platform 'Fahi Vote".

On the itinerary for the EGM are appointment of new board members as well as hearing of the previous EGM's meeting minutes from last July.

While this is the third EGM being held by BML this year alone, the previous two EGMs were also held to appoint new board members.

Shareholders who wish to attend the EGM can pre-register from 10:00 hrs on Thursday until 19 September, the bank said.

This EGM comes following the bank's Deputy CEO Aishath Nooradeen's resignation from the board on Tuesday, after she was sent a letter of dismissal from the Privatisation and Corporatisation Board (PCB), which was not legally binding.

At this time, BML also stands accused by President Dr Mohamed Muizzu of attempting a financial coup. The President made these remarks during a ruling party People's National Congress (PNC) meeting last night after BML made an announcement heavily restricting foreign transactions from debit and credit cards issued from the bank; a decision it has since rescinded.

"There are currently four government directors. The other five are not government directors. So there is no majority yet. After sending the names of our two directors, it will still take a few weeks to appoint them," he said.

"[A]nd the names were sent without appointing a Chairperson."