Gov’t denies claims of non-payment to resigned development bank CEO

The government has denied allegations statings that the salary of Noel Gregor Paterson-Jones, the former CEO and Managing Director of the Development Bank of Maldives, established and unveiled by the current administration, was withheld.

Noel was appointed as the CEO and MD of the company in August 2024. He resigned on 23 March 2025, before the bank established by the current administration of President Dr. Mohamed Muizzu could provide any services.

While the government has not disclosed the reason for Noel's resignation, the Privatization and Corporatization Board (PCB) announced on 23 March 2025 that they had accepted his resignation and relieved him of his duties.

Addressing the issue, Chief Spokesperson at the President's Office, Heena Waleed, told RaajjeMV that the claims about Noel not receiving his salary and benefits are “false and incorrect.” She added that the Development Bank will disclose further details regarding the matter.

However, Noel filed a case with the Employment Tribunal on 7 April 2025, citing non-payment of his salary and benefits.

In response to the case, the Employment Tribunal stated that in the matter filed by Noel against the Development Bank, the complainant, being a foreign national and not sufficiently proficient in Dhivehi, was required to arrange for an interpreter in accordance with Article 7(b) of the Employment Tribunal Regulation 2022. As Noel failed to do so within the given timeframe, the Tribunal dismissed the case under Article 7(c) of the same regulation.

Although the Tribunal dismissed the case on May 7, the case can be refiled within 30 days with a fine of MVR 500.

The "Development Bank of Maldives Limited", a 100 percent government-owned company, was established on 16 May 2024. This company was formed under the authority granted to the president by Article 15 of Law No. 2023/7, or the Companies Act.

The company was established to invest in sustainable economic and social development in line with government policies, to secure funding for infrastructure development, to address challenges in providing financing for PSIP projects through syndication finance, and to increase interest in holding foreign currency in the Maldivian banking system.

The bank was officially inaugurated by President Muizzu on 16 November 2024. However, to date, the bank has not provided any services.