High Court has today ordered a halt on implementation of the Civil Court's ruling that Bank of Maldives (BML) can sell three islands belonging to Heavy Load Maldives due to a loan default.
High Court has today ordered a halt on implementation of the Civil Court's ruling that Bank of Maldives (BML) can sell three islands belonging to Heavy Load Maldives due to a loan default.
Former Deputy Speaker of Parliament 'Reeko' Moosa Manik and family own Heavy Load Maldives.
Civil Court ruled in October than BML can sell off three islands belonging to the company due to their failure to pay back a USD 11 million (MVR 170 million) loan.
With this, BML announced that the three islands are up for sale.
However, Heavy Load appealed the case at the High Court.
In an order released today, the High Court instructed for the sale to be halted until they rule on the appeal case.
BML had at the time announced the sale of Laamu atoll Fares Island, Kuda Fares Island and Bodu Huraa Island. Fares and Kuda Fares Islands are where the Rahaa Resort is being operated. Bodu Huraa was given for agricultural use.
The head lease of the islands will be completed in 2064.
Rahaa Resort has 100 beds, all beach villas. They also offer water sports, diving, and spa services.
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