DBM Chair Aruni Goonetilleke Resigns Before Operations Begin
The Privatization and Corporatization Board (PCB) has confirmed the resignation of Aruni Goonetilleke, an international financial expert, from her position as Chairperson of the Development Bank of Maldives (DBM). While the reasons for her departure remain undisclosed, the bank was established by the government to provide long-term financing for the Maldives' economic and infrastructural development; however, the institution has yet to commence its operations.
Aruni Goonetilleke, the Chairperson of the Development Bank of Maldives Limited (DBM), has resigned from her position. Her resignation was tendered last Wednesday. | President's Office
Aruni Goonetilleke has resigned from her position as Chairperson of the Development Bank of Maldives Limited (DBM), an institution that has yet to commence operations.
She resigned from her position last Wednesday. Although the Privatization and Corporatization Board (PCB) has confirmed Aruni's resignation, the reason for her departure has not been disclosed.
Aruni is an international financial services expert specializing in business origination, governance, credit assessment, and risk management within emerging markets. She holds a Master of Laws (LLM) from Harvard University.
The resignation of the bank's top executives comes shortly after the institution's inauguration on November 16, 2024.
The government stated that the bank was established in alignment with state policies to invest in sustainable economic and social development, secure funding for infrastructure projects, and address challenges in financing Public Service Investment Programs (PSIP) through syndication finance. Additionally, the bank aims to enhance the appeal of retaining foreign currency within the Maldivian banking system. According to the government, the commencement of the bank's operations will introduce long-term financing services essential for economic and financial growth in the Maldives. The government further noted that the opening of this bank marks a significant step toward the robust expansion and development of the nation's financial sector.
However, since its inception, the bank has failed to provide any services to the public or issue any loans. On the contrary, there is growing public concern over the substantial administrative and operational expenses being incurred by the institution.
