The islands up for sale include Laamu atoll Fares Island, Kuda Fares Island, and Bodu Huraa.
Bank of Maldives (BML) has announced the sale of three islands owned by Heavy Load Maldives Pvt Ltd due to a loan default.
Heavy Load, a company owned by former Deputy Speaker of Parliament Moosa Manik (Reeko), had taken out a USD 11 million (MVR 170 million) loan, which remains unpaid.
The islands up for sale include Laamu atoll Fares Island, Kuda Fares Island, and Bodu Huraa. Rahaa Resort which operates on Fares Island and Kuda Fares feature 100 beach villas, along with water sports, diving, and spa facilities. Bodu Huraa is used for agricultural purposes. The head lease for these islands is set to expire in 2064.
BML announced two sale options; where the first require a minimum combined bid of USD 23.2 million (MVR 355 million) for all three islands. Alternatively, each island can be purchased individually, with a minimum bid still set at USD 23.2 million.
Interested buyers are invited to submit their expressions of interest by 28 November.
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