High Court upholds lower court verdicts over unpaid Bank of Maldives loans
04 Oct 2011, 7:47 PM
The High Court has upheld Civil Court verdicts ordering Mahandhoo Investments and Kabalifaru Investments – two companies with ties to Dhivehi Rayyithunge Party (DRP) Leader Ahmed Thasmeen Ali – to repay millions of dollars worth of loans to the Bank of Maldives Plc Ltd (BML).
DRP MP Mohamed Nashiz, brother of the DRP leader and managing director of Kabaalifaru, and MP Ali Azim, a loan guarantor, were among the appellants at the High Court.
Both MPs had signed ‘joint and several guarantee and indemnity’ agreements for the loans issued in mid-2008.
In the verdicts delivered today, the High Court ruled that there were no legal grounds to overturn the lower court verdicts.
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