Bank of Maldives Refutes Adhadhu’s Claim of Unlawful Overdraft

The Bank of Maldives (BML) has firmly denied allegations published by 'Adhadhu' newspaper, which claimed that the bank issued an overdraft of MVR 700 million in violation of standard banking principles. In a strongly-worded statement, BML condemned the report, stating it undermines the credibility and reputation of the institution.

BML reiterated that its operations are conducted in full compliance with banking laws, regulations established under those laws, and international best practices. Addressing the allegations, the bank clarified that its bulk transfer services are provided to government agencies, private companies, and other entities strictly within the framework of general principles and regulatory requirements.

The bank emphasized that the safety and trust of depositors remain its highest priority. “We assure our customers and stakeholders that the Bank of Maldives operates in accordance with the robust principles that have been the cornerstone of our operations,” the statement affirmed.

Condemning the publication of what it described as a misleading report, BML highlighted its unwavering commitment to maintaining transparency and upholding ethical banking practices.

The bank also called on the media to act responsibly, emphasising the potential harm caused by baseless allegations to public trust and confidence in financial institutions.