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Two Maldivian resorts on sale for non-performing loans

Lamya Abdulla
19 January 2022, MVT 14:42
Dholhiyadhoo Island: SBI put the island on sale for USD 33 million on Tuesday
Lamya Abdulla
19 January 2022, MVT 14:42

State Bank of India (SBI) has announced the sale of Dholhaiyadhoo Resort and Dream Gasveli Resort on Tuesday.

The sale of the islands were announced due to unpaid loans to SBI.

Dholhiyadhoo Resort, now operated by Three A company, had been announced for sale in 2019 by SBI as well. The island was then put on sale for USD 42 million (MVR 659 million).

However, the 100-bed resort has been put on sale for USD 33 million (MVR 508 million) yesterday.

SBI was initially permitted to sell Dholhaiyadhoo in 2016 after BOC failed to pay accumulated interest and fines amounting to USD 11 million (MVR 169 million) for non-payment of loans issued to Dholhaiyadhoo Investments.

In addition to Dholhaiyadhoo, Gasveli Resort, which was announced for sale by SBI, was taken to the bank for non-payment of USD 35 million (MVR 552 million) for two loans taken by a private company. Mohamed Manik (Ehlaidhoo Manik) and several others had signed as guarantors for the loan. The Civil Court has also granted permission to SBI to sell lease hold rights of Boduveli and Kudausfushi islands as well.

The sale of Gasveli resort in Meemu Atoll was set for USD 17 million (MVR 262 million).

Those who wish to purchase both resorts are required to submit proposals by February 1. A bid deposit of USD 15,000 has to be paid with the proposal.

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