Civil Court orders DRP MPs Azim and Nashiz to hand over mortgaged property as payment for BML loans
22 Nov 2012, 6:23 PM
Mariyath Mohamed
The Civil Court has ruled on Thursday that the properties mortgaged in relation to the Funaddoo Tuna Products unpaid loans are to be handed over to the Bank of Maldives (BML) within a period of 15 days.
The ruling permits BML to then sell the property in order to settle the payments. The mortgaged properties are Madivaru Yacht, Reethi Beach Resort and Funaddoo.
BML said in court today that as a result of delaying payment, the due amount has now risen from MVR 117 million (US$7,587,549) to MVR 206 million (US$13,359,274) , once the loan interest is added.
Representatives of the bank said in court today that the accounts of the individual guarantors have been frozen, according to local media. The guarantors are Dhivehi Rayyithunge Party MPs Ali Azim and Mohamed Nashiz, and Ahmed Rasheed of Rafeeguge.
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