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BML announces sale of Kalhudhiyafushi again

Lamya Abdulla
08 September 2021, MVT 15:18
Lamya Abdulla
08 September 2021, MVT 15:18

Bank of Maldives (BML) re-announces sale of Kalhudhiyafushi of Thaa Atoll over unpaid loans.

Interested parties should submit their bids before October 10, BML said in their announcement. The winning party has to pay a deposit of USD 100,000 (MVR1,545,000) to the bank as a bid deposit.

BML had announced the sale of Kalhudhiyafushi two years ago, in September 2019 as well. The sale of the island was then announced for USD 29.5 million (Rf. 454.9 million).

Huravee Investments had taken a credit facility from BML in 2016. The island was brought under BML in 2019, after a case submitted by BML was closed in their favour by the Civil Court.

Anti-Corruption Commission (ACC) has previously investigated how Kalhudhiyafushi was leased to be developed as a resort. Tourism Minister in President Abdulla Yameen's term had said this handover was conducted as per regulation.