Bank of Maldives Spokesperson Mohamed Saeed has delivered a firm public rebuttal to allegations that the Bank is preparing to finance unlawful government contracts, declaring the claims baseless, misleading and politically motivated. In an X post, Saeed stressed that BML operates strictly under robust, independently approved credit policies that comply with all banking laws and international standards.
Bank of Maldives strongly objects to allegations that it is providing contractor financing for projects signed by the Government in violation of the Banking Act. These allegations are baseless accusations and are factually incorrect.
The Bank has and will continue to lend in…
— Mohamed Saeed (@BMLSpokesperson) November 26, 2025
His statement came shortly after the opposition Maldivian Democratic Party issued a press release advising BML to refrain from financing what it described as unlawful and unsecured government-awarded projects. MDP argued that recent amendments to the Public Finance Regulation have enabled ministries to bypass open tenders, resulting in 206 contracts being signed with 52 contractors without competitive bidding. The party claimed these projects were being portrayed as BML financed, despite significant procedural concerns.
MDP outlined irregularities including the government selecting contractors on behalf of the Bank, insufficient assessment of contractor capacity and the absence of security requirements for high-risk financing. The party warned that funding such projects would violate the Banking Act, Maldives Monetary Authority regulations and the Bank’s own corporate lending standards. It also noted that related cases had already been filed with the Anti Corruption Commission.
Saeed urged stakeholders not to weaponize misleading information for political objectives, insisting that the Bank will continue to lend only within legal and regulatory boundaries. The exchange has intensified scrutiny over procurement practices and the financing of recently signed contracts, bringing renewed attention to governance and compliance in state-linked lending.
