The Civil Court has once again granted permission to BML to sell three islands belonging to Heavy Load company due to non-payment of a loan.

The owners of the three islands held as loan collateral are Heavy Load company, former Deputy Speaker of the People's Majlis Reeko Moosa Manik, and his three children. Moosa and his children also hold shares in Heavy Load company.

The Civil Court had previously granted permission to sell three islands of Heavy Load company due to non-payment of an USD 11 million (MVR 170 million) loan issued to the company by the Bank of Maldives. However, that judgment was overturned by the High Court.

On the 28th of last month, the Civil Court once again granted permission to BML to sell the three islands. When the Civil Court issued that order, Heavy Load company had agreed to the sale of the islands and to the price requested by BML.

While permission has been granted to sell the islands within three months, according to the court order, the starting price for selling the islands in the first month is USD 46 million. If not sold within the first month, the next starting price is USD 40 million. The order states that the starting price for the third month is USD 38 million.

Permission has been granted to sell L. Fares, Kuda Fares, and Boduhuraa. Among them, Fares and Kuda Fares are two islands where Raha Resort is being operated. And Boduhuraa is an island leased for agriculture.

The head lease for these islands expires in the year 2064.