President: Rumors of selling Development Bank shares to America's J.P. Morgan are merely gossip
The President has refuted allegations suggesting that shares of the Development Bank are being sold to JPMorgan and that land in Ras Malé is being allocated to a foreign company. Speaking at a press conference, the President dismissed these claims as baseless and entirely unfounded.
President Muizzu meets with the press. | Presidents office
President Dr. Mohamed Muizzu has refuted allegations that the government is planning to sell shares of the newly established Development Bank of Maldives (DBM) to the American investment bank, JPMorgan Chase & Co.
The President denied these allegations while responding to a question from a journalist during a press conference held on Monday.
Speaking at a press conference, the President dismissed rumors regarding the sale of shares in the Development Bank as baseless "gossip." He noted that such misinformation has become widespread within the community and reiterated that these claims are entirely devoid of truth.
Furthermore, the President dismissed rumors that land in Ras Malé is being allocated to a UAE-based company to conduct a "Pearl Residence" program. He clarified that the government has made no decision to grant any area of Ras Malé to any party for such a purpose.
Providing further details on the matter, the President stated that the rumors surrounding the Development Bank are unfounded. He further clarified that the reports linking the institution to JPMorgan are also false, noting that significant misinformation has been circulated regarding these issues.
The claims regarding the Development Bank are untrue. Furthermore, the statements made in connection with JPMorgan are also inaccurate. These reports are largely based on widespread gossip.President Dr. Mohamed Muizzu
While the government maintains that the primary objective of establishing a development bank is to secure funding for economic projects and ensure the sustainability of investments, it continues to face public criticism. Many argue that, to date, the institution has failed to deliver any tangible benefits to the citizens.
Although the government stated that the bank was established to secure funding and facilitate development projects across the Maldives, officials have been unable to clarify the current status or progress of these initiatives.
