Former President Ibrahim Mohamed Solih has urged against any action that could undermine public confidence in the national bank, the Bank of Maldives (BML).
President Solih’s appeal comes as the police have launched a criminal investigation into BML, following President Dr. Mohamed Muizzu’s allegation that the bank attempted to orchestrate a financial coup by blocking USD transactions from MVR-linked cards, a move that was later reversed after intervention from the central bank. The comments also follow the government’s proposition to appoint Cabinet Secretary Ahmed Ali Habeeb as the Chairman of BML.
In a post on X, Solih emphasized that the BML plays a crucial role in the lives of many citizens and businesses. Therefore, it is most important to maintain trust in the bank, he said.
“No one, not even the government, should not do anything to undermine the trust in BML. If trust is lost in BML, it will be a significant loss for the entire society. It is the people’s bank,” he said.
Meanwhile, BML’s CEO, Karl Stumke has also submitted his resignation following the allegations, but will remain in his role until the bank’s Extra General Meeting (EGM) scheduled for this Saturday. The EGM will address the government’s proposed appointments to BML’s Board of Directors.
BML’s board comprises of 11 members, including three representatives from ordinary shareholders and eight government appointees. BML currently has a total of eight members on the board, including four from the government.
