Call for applications to Pension Board opened for the third time
The private sector seat on the Pension Board became vacant following the resignation of Saruvash Adam on October 22. His resignation was a formal protest against the Muizzu administration's controversial decision to sell MVR 2.4 billion in pension fund bonds to the Maldives Monetary Authority, a move critics describe as a deceptive method of indirect money printing.
Due to a lack of sufficient interest, the Pension Office has issued a third call for applications to fill a vacancy on its Board of Directors.
The Pension Office has issued a third call for applications to appoint a private sector representative to its board, following a lack of sufficient interest in previous recruitment attempts.
The Pension Office has announced in the Government Gazette that it failed to receive sufficient interest to form a shortlist for a private sector representative seat on its board. The vacancy arose following the resignation of Saruvash Adam on October 22.
Saruvash resigned in protest against the Muizzu administration's decision to sell MVR 2.4 billion in Pension Fund bonds to the Maldives Monetary Authority (MMA), a move he characterized as a deceptive method of printing money. Saruvash stated that the transaction raises significant legal and economic concerns.
Saruvash stated that since the Pension Fund lacks the required 2.4 billion Rufiyaa, obtaining these funds through the Maldives Monetary Authority would necessitate printing money. However, many have accused President Muizzu’s administration of blatantly deceiving the public by making false claims that this process does not involve the printing of currency.
In connection with this matter, the Chairperson of the Pension Board, Ahmed Inaz, along with the Pension Office's Chief Financial Officer, Hawwa Fajwa, and Chief Executive Officer, Sujatha Haleem, have all resigned from their positions.
