Maadhin also resigns from Pension Office Board

Mohamed Maadhin Latheef has also resigned from the Board of the Pension Administration Office. 

According to the office's website, Maadhin, who was appointed to the Board in May last year, handed in his resignation yesterday. 

Yesterday, Pension Office CEO Sujatha Haleem also resigned. On February 1, the office's Chairperson Ahmed Inaz also resigned. 

All the resignations follow the Pension Office's decision to invest in an MVR 2.4 billion government bond.

The Pension Office Board reached the decision to invest in the Finance Ministry bond in October last year. Currently, this is being executed. 

That month, Board Member Ahmed Saruvash Adam resigned. 

With this transaction between MMA and the government with the Pension Office as an intermediary, the Rufiyaa supply would have to see an increase or USD from the reserve will need to be converted, Saruvash said at the time, adding that regardless of the manner in which it is done, there would be an influx in Rufiyaa supply. 

Inaz also raised concerns that the transaction would cause major loss to the economy. 

Following these resignations, there are now five members on the Pension Board. These are three members representing the public sector and two representing the private sector. 

The Pension Board is compiled of eight members, including the Chairperson, a CMDA member, a Finance Ministry member, NSPA member and four private sector members.