News Desk
Malé, Maldives — The Development Bank of Maldives (DBM) confirmed on Sunday that its former Chief Executive Officer and Managing Director, Noel Gregor Paterson-Jones, resigned in March, and denied reports that the decision was related to non-payment of salary.
In a statement released by the bank, officials said Paterson-Jones had received his full remuneration through the date of his resignation on March 20, 2025. “His resignation was not due to non-payment of salaries by the Bank,” the statement read.
The resignation was accepted by the state-owned Privatization and Corporatization Board on March 20 and formally communicated to both the DBM board and Paterson-Jones three days later.
The bank added that Paterson-Jones had left the Maldives days before submitting his resignation and had not been actively employed after doing so.
The press release also acknowledged an ongoing legal dispute. Paterson-Jones has filed a claim with the Employment Tribunal, alleging entitlement to additional remuneration for the notice period of his resignation.
Appointed as the bank’s first CEO, Paterson-Jones was brought on to lead the newly established DBM under President Dr. Mohamed Muizzu’s Economic Transformation initiative. His international background includes serving as Chief Investment Officer of Saudi Arabia’s National Infrastructure Fund and as Managing Director of the United Kingdom’s Green Investment Bank. He holds a degree in finance from the University of Oxford.
The bank said it is proceeding with the appointment of a new CEO in coordination with the Privatization and Corporatization Board. Legal matters related to the tribunal claim are being handled by external counsel.
