Cabinet Secretary Habeeb Nominated as New Bank of Maldives Chairman

The government has nominated Principal Secretary to the President on Cabinet Affairs Ahmed Ali Habeeb as the next chairman of the Bank of Maldives (BML). The appointment is expected to be finalised at a board meeting on Saturday following an Extraordinary General Meeting. This comes after months of upheaval at BML, including the dismissal of senior executives and the resignation of Managing Director and CEO Karl Stumke. In January 2024, the Privatisation and Corporatisation Board dismissed five BML directors, which was later rescinded and then officially removed through a shareholders' meeting. Stumke resigned amid accusations linking bank decisions to an attempted coup. The bank had also suspended foreign transaction allowances on Maldivian Rufiyaa-linked cards, which was reversed after pressure from the Maldives Monetary Authority. President Mohamed Muizzu accused BML of involvement in a plot orchestrated by the opposition. Habeeb's nomination fills the chairman vacancy since President Muizzu removed Yooshau Saeed in January 2024.

The government has nominated Principal Secretary to the President on Cabinet Affairs Ahmed Ali Habeeb as the next chairman of the Bank of Maldives (BML). The appointment is expected to be finalised at a board meeting on Saturday following an Extraordinary General Meeting. This comes after months of upheaval at BML, including the dismissal of senior executives and the resignation of Managing Director and CEO Karl Stumke. In January 2024, the Privatisation and Corporatisation Board dismissed five BML directors, which was later rescinded and then officially removed through a shareholders' meeting. Stumke resigned amid accusations linking bank decisions to an attempted coup. The bank had also suspended foreign transaction allowances on Maldivian Rufiyaa-linked cards, which was reversed after pressure from the Maldives Monetary Authority. President Mohamed Muizzu accused BML of involvement in a plot orchestrated by the opposition. Habeeb's nomination fills the chairman vacancy since President Muizzu removed Yooshau Saeed in January 2024.

The government has nominated Principal Secretary to the President on Cabinet Affairs Ahmed Ali Habeeb as the next chairman of the Bank of Maldives (BML). The appointment is expected to be finalised at a board meeting on Saturday following an Extraordinary General Meeting. This comes after months of upheaval at BML, including the dismissal of senior executives and the resignation of Managing Director and CEO Karl Stumke. In January 2024, the Privatisation and Corporatisation Board dismissed five BML directors, which was later rescinded and then officially removed through a shareholders' meeting. Stumke resigned amid accusations linking bank decisions to an attempted coup. The bank had also suspended foreign transaction allowances on Maldivian Rufiyaa-linked cards, which was reversed after pressure from the Maldives Monetary Authority. President Mohamed Muizzu accused BML of involvement in a plot orchestrated by the opposition. Habeeb's nomination fills the chairman vacancy since President Muizzu removed Yooshau Saeed in January 2024.

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