The Development Bank of Maldives (DBM) has stated that former Chief Executive Officer and Managing Director Noel Gregor Patterson-Jones was paid his full and rightful salary up to the date of his resignation.

In a press release issued by the bank, DBM responded to Patterson-Jones’s claim that he had resigned due to the bank’s failure to pay his salary. The bank rejected this assertion, stating that it does not believe the resignation was linked to any salary dispute.

According to the statement, Patterson-Jones submitted his resignation to the Privatization and Corporatization Board (PCB) on March 20, 2025, and it was formally accepted by DBM’s board on the same day. The acceptance was then communicated to both the PCB and Patterson-Jones on March 23.

DBM also noted that Patterson-Jones had departed the Maldives shortly before submitting his resignation and had not been involved in the bank’s operations since then.

The bank further acknowledged that it had been notified of a complaint filed by Patterson-Jones with the Employment Tribunal regarding salary entitlements during the resignation notice period. DBM stated that the matter is being handled by its legal team and that it will follow all relevant legal procedures to resolve the issue.