Following a Civil Court order authorizing Bank of Maldives (BML) to sell three resorts of Heavy Load Maldives Pvt Ltd due to an unpaid loan, the bank has announced the sale of L. Kudafares (Rahaa Resort) today. 

The three islands mortgaged for the loan are owned by Heavy Load, former Deputy Speaker of Parliament 'Reeko' Moosa Manik, and his three children. Moosa and his children also hold shares in Heavy Load. 

Failure to repay a USD 11 million (MVR 170 million) loan issued to Heavy Load by BML had led the Civil Court to rule even previously that BML could sell the mortgaged islands. However, the High Court later overturned that ruling. 

On October 28, the Civil Court once again ruled that BML can sell the three islands. At the time of the ruling, Heavy Load had agreed with the sale and the price quoted by BML. 

As per today's announcement by BML, the lowest price at which Kudafares will be sold is USD 45.6 million. 

Interested parties can submit proposals before 12pm on December 2. 

Kudafares is an island with unique natural beauty, including a salt water lake in the middle of the island. The resort developed on the island has lake view villas, beach view villas, a restaurant and two bars. 

While BML has been authorized to sell Kudafares within three months, the court order states that the minimum price in the first month is USD 46 million. If the resort is not sold within the first month, the price can be reduced to USD 40 million in the second month. If the resort still remains unsold, a minimum price of USD 38 million can be offered in the third month. 

In addition to Kudafares, the court has authorized the sale of Fares and Bodu Huraa. Rahaa Resort is operated on Fares and Kudafares. Bodu Huraa is used for agricultural purposes. 

The head lease for the islands is set to expire in 2064.