Sultans of the Sea ordered to pay US$50 million
08 Dec 2009, 9:48 PM
The civil court yesterday ordered luxury yachting company Sultans of the Seas to pay over Rf654 million (US$50 million) in unpaid loans, fines and accumulated interest to the Bank of Maldives (BML) in the course of one year.
Ruling in favour of the bank, Judge Aisha Shujoon said the company was liable for loans of US$15.3 million, US$8.7 million and €12.5 million as well as US$500,000 in combined credit limit facilities as agreed upon in June 2008.
The judge ruled that records and documents presented to court proved that as of 7 December, Sultans owes US$18 million on the first demand loan, US$10 million on the second and €14 million on the third.
Sultans would have to pay the loans back in monthly instalments of about US$4.2 million, the court ruled. If the company failed to make the payments by 7 December 2010, yachts and property mortgaged by the company will be sold in auction after a 15 day period.
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