Development Bank’s chair resigns as operations remains stalled

Aruni Goonetilleke has resigned from her role as the chairperson of the Development Bank of Maldives (DBM), which has yet to operationalize nearly two years since its launch.

Chief government spokesperson Mohamed Hussain Shareef (Mundhu), quoting Privatization and Corporatization Board (PCB) officials, said Goonetilleke tendered her resignation last week.

He did not provide any details.

Goonetilleke, a Singaporean financial services expert with over 25 years of experience in global financial markets, was appointed as the chairperson of DBM in August 2024.

She holds a Master of Laws (LL.M) from Harvard University, and specializes in business origination, governance, credit assessment, and risk management in emerging markets.

The DBM – the first of its kind in the Maldives – was inaugurated on November 16, 2024.

The bank has yet to commence operations, despite receiving clearance from the central bank in January.

Information released by the Finance Ministry shows the office set up alone cost MVR 4.5 million, while an audit shows the bank incurred a loss of MVR 2.3 million in its first year.

The DBM has also racked up over MVR 455,000 in rent for its office at the Allied Building, which is owned by the State Trading Organization (STO).

Goonetilleke’s exit marks the third top officials from the bank to resign.

Noel Gregor Paterson-Jones, who was appointed as the CEO and Managing Director of the DBM on August 26, 2024, tendered his resignation on March 20, 2025. He lodged a case with the Employment Tribunal on April 7, 2025, seeking his alleged remuneration for the notice period of his resignation.

Shortly after Paterson-Jones’ exit from DBM, another board director, Ahmed Ali, tendered his resignation on March 23, 2025.

The establishment of a development bank is an electoral pledge President Dr. Mohamed Muizzu made during his 2023 campaign.

He has said that once the DBM begins operations, it will become a hub for investment in economic sectors including tourism, real estate, housing, renewable energy, and more.

The delay in the operationalization of the DBM has sparked criticism from the opposition.