Aishath Nooradeen, who has dedicated 42 years to the Bank of Maldives (BML), has resigned from the bank's Board of Directors, effective Sunday. Her resignation follows a contentious dismissal notice from the Privatization and Corporatization Board (PCB) dated Friday.

BML expressed its gratitude in a press release for Nooradeen's extensive service. Appointed to the board on August 31, 2020, Nooradeen has had a distinguished career with the bank, including several previous tenures on the board and her role as Deputy CEO. She has been with BML since 1982, making her the second longest-serving employee at the institution.

The dismissal notices from the PCB raised legal questions, as the PCB does not possess the authority to appoint or remove members of BML’s board. BML, being a public shareholder company, stipulates that board changes must be sanctioned through a general meeting of its shareholders. This discrepancy has sparked concerns regarding the legality of the PCB's actions.

The issue mirrors a situation from January this year when several BML directors were similarly dismissed via PCB letters. Those directors were subsequently reinstated following a legal review, and their dismissal was later addressed through an extraordinary general meeting.

As BML navigates this latest development, questions remain about the appropriate procedures for board changes and the role of the PCB in such matters.