The decision to dismiss five non-executive directors of the Bank of Maldives (BML), including the Chairman, without notice on Thursday by President Dr. Mohamed Muizzu, has been reversed, and some of them have been reappointed to the board.
The dismissed directors include Chairman Yooshau Saeed, along with board members Juwairiya Saeed, Abdulla Hassan, Aishath Sajny, and Abdulla Husham Shareef.
While concerns have been raised over whether board members can be dismissed in such a manner, it has been revealed that two of the dismissed directors, Abdulla Hassan and Aishath Sajny, have been reappointed to the BML board today.
It is learned that the government is in the process of reappointing the remaining directors to the board.
With the re-appointment of the two directors who were dismissed, the BML board will currently have seven members.
According to the bank's regulations, the appointment and dismissal of directors from board membership occur through an annual general meeting or a special meeting. Under the regulations, an Emergency General Meeting (EGM) or a special meeting can be held upon the request of at least 10 percent of the bank's shareholders.
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.
BML Chairman and non-executive directors dismissed
The Edition