Maldives Parliament Approves New Leadership for Privatization Board

The Maldives parliament has unanimously approved the nomination of Hamdhy Ageel as the President of the Privatization & Corporatization Board (PCB), alongside five new members. The approval was granted during a parliament sitting, with all 47 members in attendance voting in favor of the nominees.

Why this matters: The effective governance ofState-Owned Enterprises is crucial for the Maldives' economic development and stability. The newly constituted PCB board is expected to play a key role in shaping the country's economic policies and ensuring transparency in the management of public assets.

Hamdhy Ageel, the newly appointed President of PCB, brings extensive experience to the role. He has previously served as the Managing Director of Fuel Supply Maldives (FSM) and Road Development Corporation (RDC). Ageel holds a master's degree in commerce from Curtin University of Australia.

The five new members approved by the parliament include Moosa Fathuhee Adam, Leena Abdul Jaleel, Mohamed Azad, Ahmed Nashath, and Hassan Zareer. Moosa Fathuhee Adam contested in the 2022 parliamentary elections under the PPM ticket and currently serves as the Minister of State for Cities, Local Government and Public Works. Leena Abdul Jaleel has held managerial positions at the Maldives Monetary Authority (MMA) and was the CEO of Business Center Corporation (BCC).

The PCB plays a crucial role in appointing board members to State-Owned Enterprises (SEOs) in the Maldives. According to the Constitution, the quorum of the PCB board requires a minimum of five members. With the new appointments, the PCB now has a total of seven members, ensuring its ability to carry out its responsibilities effectively.

The unanimous approval of Hamdhy Ageel as the President of the Privatization & Corporatization Board, along with the five new members, marks a significant step forward for the governance of State-Owned Enterprises in the Maldives. The newly constituted board, with its diverse expertise and experience, is well-positioned to oversee the appointment of board members to SEOs and ensure their effective management and operation.

Key Takeaways

• Maldives parliament unanimously approves Hamdhy Ageel as PCB President.
• Five new PCB members approved, including Moosa Fathuhee Adam and Leena Abdul Jaleel.
• PCB now has 7 members, ensuring quorum and effective governance of State-Owned Enterprises.
• New PCB board to oversee SEO board member appointments and ensure transparency.
• Effective governance of SEOs crucial for Maldives' economic development and stability.