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Malaysian company sues Maldives over unpaid 22 million USD

Lamya Abdulla
08 August 2021, MVT 16:33
(FILE) A drawing of the 25 building to built in Hulhumale'
Lamya Abdulla
08 August 2021, MVT 16:33

A Malaysian company has decided to sue the Maldivian government over unpaid 22 million USD (399 million Rufiyaa) Maldives owe them.

Former President Abdulla Yameen had handed the project of building a 25 story building in Hulhumale' to WZR Property, a Malaysian company. Although this building is now being built in Hulhumale' it was initially planned to be built in Male'.

Due to difficulties in obtaining loans to fund this project, the project has been temporarily halted.

When DZR Property initially submitted this case to Asian Arbitration Center (AIAC), they had ordered Housing Development Corporation (HDC) to pay the 22 million USD within seven days in July 2020.

Malaysian newspapers had reported since this money has not been paid by HDC yet, DZR Property has been suffering from huge financial losses. As they have not yet received the money despite their efforts, they have decided to sue the Maldivian government.

DZR Property has requested aid from Malaysian Prime Minister's Office, Foreign Ministry and Trade Ministry to recover the money owed to them.

When DZR Property first submitted the case to AIAC, they had requested they be paid 30 million USD (462 million Rufiyaa). AIAC had said that HDC should only pay for how much was spent on this project, which amounted to 22 million USD.

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