The Bank of Maldives announced the appointment of Bishwajit Mazumder as its new chief Internal auditor.
Former lawmaker Alhan Fahmy’s controversial King’s Capital forex trading company halted operations, citing its online trading affiliate’s suspension of services after the Maldives police placed it under investigation. Along with new restrictions on overseas online transactions, the move has caused a loss of about MVR60 million (US$3.8 million) and posed difficulties in transferring funds, King’s said, appealing for patience from irate customers who have been trying to withdraw their funds. About three months will be needed to make money transfer arrangements with registration in another country, the company said, promising a 25% increment when funds are returned to investors.
King’s ceased its online trading after the Capital Market Development Authority announced on Monday that it was illegal to raise funds from the public “without proper license and registration.” The central bank previously warned that such investment funds could be Ponzi schemes, which prompted angry denials and threats of defamation lawsuits.
President Solih ratified a new electronic transactions law, which was proposed for “ensuring the validity of electronic transactions made locally and abroad, including electronic signatures and trust services, facilitating electronic transactions, and removing legal obstacles to the conduct of electronic transactions.”
Russian national airline Aeroflot is due to resume flights to the Maldives on 13 May after a two-month hiatus, the Maldives civil aviation authority confirmed to local media. The Maldives government reportedly assured Russian authorities that its aeroplanes would be serviced in line with existing agreements.
Russia was formerly the top tourist market with 44,055 holidaymakers as of 2 March. But arrivals plummeted 70% after Aeroflot suspended international flights on 8 March over fears that its planes could be impounded. Before the war, the Russian flag carrier brought more than 300 passengers daily to the Maldives.
