Pension Office CEO resigns amid MVR 2.4bn controversy
Her resignation on Wednesday comes amid mounting controversy, as the Pension Office Board has approved a MVR 2.4 billion transaction proposed by the Muizzu administration. Critics have described the transaction as an indirect form of money printing.
Former CEO of the Pension Office, Sujatha Haleem | Pension Office | Pension Office
The Chief Executive Officer of the Maldives Pension Administration Office, Sujatha Haleem, has resigned from her position.
Credible sources have confirmed to RaajjeMV that Sujatha has stepped down from the role.
Sujatha was appointed as CEO by the Pension Office Board on 31 October 2022, in accordance with the Maldives Pension Act.
For more than a decade, Sujatha has been a key figure in efforts to establish a sustainable and modern pension system in the Maldives.
Alongside her tenure as Chief Executive Officer, she previously served as the Chief Operating Officer of the Pension Office. She also played a pivotal role in managing the World Bank’s Pension and Social Protection Administration Project in the Maldives and was instrumental in the drafting and implementation of the Maldives Pension Act.
Her resignation on Wednesday comes amid mounting controversy, as the Pension Office Board has approved a MVR 2.4 billion transaction proposed by President Dr. Mohamed Muizzu’s administration. Critics have described the transaction as an indirect form of money printing.
Earlier, on 1 February 2024, the Chairman of the Pension Board and former Finance Minister, Ahmed Inaaz, resigned in protest against the same transaction. Inaaz warned that the deal could cause irreparable economic damage to the state.
Inaaz stated that, in light of the alarming deterioration of the country’s fiscal health, he did not believe that a sustainable solution had been reached with regard to the proposed MVR 2.4 billion bond, despite extensive discussions on the matter.
Several other senior officials have also exited the Pension Office following the controversy surrounding this financial decision. Board member Ahmed Saruvash Adam resigned on 22 October 2023, while Chief Financial Officer Hawwa Fajuwa resigned on 4 November 2023.
Saruvash had previously highlighted that the Pension Fund does not currently hold MVR 2.4 billion in liquid cash, and that executing the transaction through the Maldives Monetary Authority (MMA) would effectively require printing money.
Despite these warnings, President Dr. Mohamed Muizzu’s administration continues to face accusations of misleading the public by denying that the transaction involves money printing. Economic experts persist in raising serious concerns, warning that the move could result in significant long-term negative consequences for the country’s financial stability.
