News Desk
MALE’ — The chairperson of the Development Bank of Maldives has resigned, the latest departure from a state institution that was launched in November 2024, given a business licence in January this year and has still not begun offering any services to the public.
Government spokesperson Mohamed Hussain Shareef confirmed the resignation of Aruni Gunatilaka, citing the Privatisation and Corporatisation Board. He said she stepped down last week but provided no further details.
Gunatilaka, a Sri Lankan national who holds a master’s in law from Harvard University, brought 25 years of experience in international financial markets to the role, with a background in corporate banking, credit, risk management and internal auditing at Sri Lankan and international banks.
Her departure follows that of the bank’s first CEO, British national Noel Gregor Petersen Jones, who resigned after a short tenure and subsequently filed a case with the Employment Tribunal in April seeking salary and benefits owed during his notice period. A board member, Ahmed Ali, also resigned on 23 April.
The bank posted a loss of MVR 2.3 million in its first year of operation, according to an audit report, despite having not yet begun lending or providing any services. It was established to focus on infrastructure development and investment financing.
The DBM was inaugurated on 16 November 2024. More than seven months after receiving its business licence, it has no active operations. Three senior figures have now left. No explanation has been given publicly for any of the departures, and no timeline has been offered for when the bank will actually open its doors to clients.
