The former CEO and Managing Director of the Maldives Development Bank, Noel Gregor Paterson-Jones, filed a complaint with the Employment Tribunal last month alleging unpaid salary and benefits. However, the case was dismissed due to procedural non-compliance, and the bank has since denied the allegations, asserting that Noel was paid in full.
According to the Tribunal’s website, Noel submitted his complaint on 7 April, shortly after resigning from his position on 23 March. While the application mentioned unpaid wages and entitlements, specific figures were not disclosed. The Tribunal ultimately rejected the case on 7 May, stating that Noel, who does not speak Dhivehi, had failed to arrange a language interpreter despite being given the opportunity.
Responding to the media coverage, Maldives Development Bank issued a statement denying the claim. The bank confirmed that Noel’s resignation had been submitted to the Privatization and Corporatization Board on 20 March and was accepted effective immediately. It also noted that he had departed the country shortly thereafter and had not performed any duties on behalf of the bank following his resignation.
The institution further stated that his departure was not linked to any dispute over compensation and that he had received all due payments in accordance with the terms of his contract. The matter, according to the bank, has now been handed over to its legal team for further review.
Noel Paterson-Jones, a seasoned investment executive, previously served as Chief Investment Officer of Saudi Arabia’s National Infrastructure Fund and Managing Director of the UK Green Investment Bank. He holds a degree in finance from Oxford University and has held senior roles in various financial institutions, including Sterling Waterford Securities.
Notably, the Maldives Development Bank was launched in November last year, but to date, it has yet to begin operations. Noel’s resignation before any substantial work had started at the bank raises questions about the circumstances that led to his early exit. Despite the lack of official explanation, the premature resignation of its first CEO and the legal complaint, even if dismissed, may cast a shadow over the institution’s start.
A new CEO and Managing Director are currently being appointed, according to the bank.
