Maldives President Dr. Mohamed Muizzu has refuted rumors claiming that shares of the Development Bank of Maldives (DBM) have been sold to the foreign bank, JP Morgan.
The President made this statement while responding to a question from a local reporter during a press conference held on Monday.
Addressing the questions posed by the press, the President highlighted that there is absolutely no truth to the rumors circulating about this sale.
“Regarding the Development Bank, the story is untrue. The claims mentioned connecting the bank to DBM is devoid of truth. There is a lot of gossip spreading widely right now, and I am very glad journalists are asking questions to clarify these matters,” the Maldives head of state said.
President Muizzu further noted his appreciation for journalists taking the initiative to seek clarification on such issues at a time when false narratives are being spread within the community.
Additionally, the President denied rumors suggesting that land from Ras Male’ was going to be granted to a UAE company under the ‘Pearl Residence’ project.
The Development Bank of Maldives, established by the current administration, is an institution created in alignment with government policies to invest in sustainable economic and social growth. The bank also facilitates securing funds required for the infrastructural development of the Maldives.
The DBM was inaugurated officially on November 16, 2024. The Maldives Monetary Authority (MMA) granted the approval to issue a banking license to the institution earlier that year, on October 13.