Civil Court orders MDP Chairman Reeko Moosa to pay Rf2.9 million in three months
02 Nov 2011, 6:26 PM
Ahmed Nazeer
The Civil Court has today ordered Maldivian Democratic Party (MDP) Chairperson and MP ‘Reeko’ Moosa Manik to settle an outstanding debt of Rf2.9 million to Caterpillar Financial Service’s Asia Branch within three months.
Caterpillar claimed that in 2007 Heavy Load Maldives – a family business of the Hulhu-Henveiru MP – took a loan of US$700,000 (Rf10.5 million at the current exchange rate) from Caterpillar, which was co-signed by Moosa.
Caterpillar said at the Civil Court that Heavy Load had not settled the debt and requested Moosa be ordered to pay the loan as the co-signatory.
Delivering the verdict, Judge Mariyam Nihayath said that in the agreement made between Moosa and Caterpillar, Moosa had also agreed to pay a compensation fee plus the amount paid to hire a lawyer without any obligations.
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