BML Chairman Zareer Steps Down, Assumes Tax Commissioner Role

Hassan Zareer, the Chairman of the Board of Directors of the Bank of Maldives (BML), has submitted his resignation. This decision comes in light of his recent appointment as the Commissioner General of Taxation, a role he is set to assume following parliamentary approval on the 14th of this month.

Zareer was appointed as BML’s Chairman during a special general meeting held on March 25th. However, his new responsibilities require him to transition from his current position within the banking institution.

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The Bank of Maldives, responding to Zareer’s resignation, emphasized that his departure aligns with the parliamentary endorsement of his new role. This move leaves a vacant spot on the BML board, which comprises eleven members per the bank’s bylaws. With Zareer’s exit, the board comprises nine directors, reflecting the recent departure of two government-appointed members.

In response to these vacancies, BML has announced plans to convene a special general meeting in July to appoint individuals to fill the vacant positions, ensuring continuity and stability within the institution’s governance structure.

Zareer’s transition to the role of Tax Commissioner follows the departure of the previous officeholder, Fethullah Jameel, who resigned to pursue a political career by contesting parliamentary elections. Jameel’s resignation, effective from February 1st, prompted the search for a suitable successor to lead the tax administration.

The selection process for the new Tax Commissioner involved the President identifying qualified candidates, whose names were subsequently submitted to parliament for approval. Among the nominees were former Tax Commissioner Yazeed Mohammed and Zareer, who held the position of Deputy Commissioner General of Taxation at the time.

Following parliamentary deliberations, Zareer secured the majority of votes from the Economic Committee, with ten members voting in his favour.

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