FAM releases part of Hulhumale' plot to Apollo as debt repayment

Football Association of Maldives (FAM) has released part of its plot in Hulhumale' to Apollo Holdings as compensation.

Part of the plot issued to FAM by Housing Development Corporation (HDC) has been released for a period of 25 years.

Apollo Holdings filed at Maldives Civil Court, seeking;

- USD 2.6 million (MVR 40 million) in accordance with the settlement agreement signed between the parties on December 23, 2021

- Liquidated damages for the period without settlement of the aforementioned sum

- An invoiced total of USD 296,000 (MVR 4.5 million) not reflected in the particulars of the initial settlement agreement, work done outside of the contract

- The building developed by Apollo Holdings can be handed over to FAM, after the association has settled its outstanding due in full

Civil Court's Thursday, November 3, judgement stated that an out-of-court agreement has been arrived and signed between the parties earlier on June 14, with Apollo's Director Mohamed Waheed acting as guarantor. A letter confirming this was sent to Civil Court on October 31, 2022.

The out-of-court agreement between the parties held Apollo was owed a total of MVR 13 million, for which it will be given a 5,000 square-feet plot under FAM's proprietorship for a period of 25 years without subjecting to rent. FAM released plot from its training facility in Hulhumale'.

Though debt owed is MVR 13 million as per the parties' mutual consent, the actual debt is MVR 45 million according to Apollo.

Presiding judge on the case, Justice Rizmeena Idrees held the parties must according to their agreement.

Additional to this, Civil Court ordered FAM to settle an outstanding MVR 1.7 million to ADK Hospital, which the association was ordered to settle within a one month duration.

The association has come under fire for substantial debt owed to multiple parties it had entered contractual agreements with. Earlier, State Electric Company (STELCO) cut power from FAM House over a hefty sum of unsettled electricity bills. Meanwhile, several players mounted complaints against the association of not receiving funds that were awarded to them by multiple corporations.