The government has nominated Ahmed Ali Habeeb, currently serving as the cabinet secretary at the President’s Office, as the new chairperson of the Bank of Maldives (BML). This nomination will be a key topic during the bank's upcoming Extraordinary General Meeting (EGM) scheduled for September 21, where other important agenda items will also be discussed.

The agenda distributed by BML for the EGM lists three candidates put forward by the government for the bank's board:

1. Ahmed Ali Habeeb, Noovilla, S. Hithadhoo

2. Ali Irufan, Daylight, S. Maradhoo-Feydhoo

3. Mohamed Shahid, Hulhumale’ flat 90-2-2, K. Male’

While Habeeb has reportedly been nominated for the important chairperson role, official confirmation from the government regarding this appointment has yet to be released.

Before transitioning to the President’s Office on November 17, 2023, Habeeb served as the general manager at Apollo Holdings Pvt. Ltd. from January 15, 2006, to November 16, 2023. His previous experience also includes a tenure as a board director at the Housing Development Corporation (HDC) between April 2012 and February 2019.

Habeeb’s extensive experience encompasses roles on the boards of three private companies: Megaton Pvt. Ltd., Cocobolo Maldives Pvt. Ltd., and The Exquisite Holidays Pvt. Ltd. He is also a member of the UK Chartered Institute of Management Accountants (CIMA), which enhances his qualifications in financial management and corporate governance.

As the EGM approaches, there is heightened scrutiny regarding Habeeb's nomination and the broader implications it may have for the governance of the Bank of Maldives.

Compounding the situation, the government has accused the current board of an "attempted financial coup." This allegation stems from a controversial decision by the board to limit credit and debit card transactions for foreign payments, a measure that was swiftly reversed on the same day following recommendations from the central bank. Officials from the government have stated that these decisions were made without proper consultation and in disregard of advice from government entities. 

In a bold response, some cabinet ministers have labeled the board's actions as an attempted financial coup, calling for the resignation of the CEO. Shortly thereafter, the CEO of BML submitted his resignation but has indicated he will remain in his position until the EGM takes place.

Furthermore, the Maldives Police Services have initiated an investigation into the alleged "attempted financial coup" connected to the board's decision. Police have also taken possession of certain documents relevant to the investigation; however, no individuals have yet been questioned or arrested in connection with this matter.

As these events unfold, stakeholders will be watching closely not only for the outcome of the EGM but also for developments related to the governance crisis at BML and the implications for the nation's financial landscape.