The Bank of Maldives (BML) has denied rumours that it is issuing loans or disbursing funds illegally.
In a statement released, the bank rejected claims that it had provided loans to contractors involved in government projects awarded to private companies without board approval or in violation of lending rules.
BML said its board and management operate independently and in compliance with international corporate governance standards, including those set by the Maldives Monetary Authority (MMA), Basel, and IFRS. The bank stated that its operations are regularly audited by independent international firms to ensure transparency and compliance.
According to BML, all loans are issued in accordance with established credit policies and underwriting rules, considering repayment capacity and borrower exposure limits. The bank noted that companies engaged in government projects may apply for loans through the normal procedures, and such loans are provided strictly on commercial terms.
The bank added that no employee has the authority to make loan-related decisions individually and that lending criteria are defined for sectors such as government-guaranteed loans and projects involving state-owned companies.
As of the third quarter of this year, BML’s total loan portfolio stood at MVR 23.7 billion, with MVR 6.5 billion in new loans disbursed this year. The bank urged the public to refrain from spreading false or misleading information about its operations.
In a statement released, the bank rejected claims that it had provided loans to contractors involved in government projects awarded to private companies without board approval or in violation of lending rules.
BML said its board and management operate independently and in compliance with international corporate governance standards, including those set by the Maldives Monetary Authority (MMA), Basel, and IFRS. The bank stated that its operations are regularly audited by independent international firms to ensure transparency and compliance.
According to BML, all loans are issued in accordance with established credit policies and underwriting rules, considering repayment capacity and borrower exposure limits. The bank noted that companies engaged in government projects may apply for loans through the normal procedures, and such loans are provided strictly on commercial terms.
The bank added that no employee has the authority to make loan-related decisions individually and that lending criteria are defined for sectors such as government-guaranteed loans and projects involving state-owned companies.
As of the third quarter of this year, BML’s total loan portfolio stood at MVR 23.7 billion, with MVR 6.5 billion in new loans disbursed this year. The bank urged the public to refrain from spreading false or misleading information about its operations.
