BML Chairman and non-executive directors dismissed

Five non-executive directors of the Bank of Maldives (BML), including the Chairman, have been dismissed without notice on Thursday.

This is the first time in the recorded history of BML that all directors appointed to the board by the government have been instantly dismissed at the same time.

BML received a notice from the Privatization and Corporatization Board (PCB) on Thursday notifying them of these dismissals.

The dismissed directors are Chairman Yooshau Saeed, Board members Juwairiya Saeed, Abdulla Hassan, Aishath Sajny and Abdulla Husham Shareef.

PCB President Hamdhy Ageel said that the dismissals had been put in effect under the powers bestowed on the President.

Although PCB functions as an independent institution, their board has approved a resolution whereby the appointment of board members to companies is left to the discretion of the President.

BML assures that these dismissals will not affect the provision of services to customers.

The dismissal of the majority of BML's board has come at a time when the government is negotiating with the bank to increase the dollar limit of students studying abroad from USD 750 to USD 1200 per month.

Although the government urges this move to be approved, the final decision lies with the bank's board.

The dismissal of the five members leaves five remaining members on BML's board. The necessary quorum to make decisions is eight, thereby requiring the appointment of new board members before the board can approve any decisions henceforth.

The five members remaining on the board are Chief Executive Officer Karl Stumke, Deputy Chief Executive Officer Aishath Nooraddeen, and representatives of general shareholders Abdulla Naseem, Ahmed Mohamed and Ibrahim Mohamed.

In order to make new appointments to the board, a general meeting has to be held with the general shareholders of the company.