Bank of Maldives reportedly resolves US$58 million debt chase out of court
27 Jun 2013, 7:45 PM
Neil Merrett
The Supreme Court has dismissed an appeal filed by two companies linked to Dhivehi Rayyithunge Party (DRP) Leader and President Mohamed Waheed’s vice presidential candidate Ahmed Thasmeen Ali concerning unpaid debts to the Bank of Maldives (BML), after an out-of-court settlement was reportedly reached by both parties.
Lawyers representing Mahandhoo Investments and Kabalifaru Investments – companies with ties to Thasmeen – told presiding Supreme Justice Ali Hameed that they had negotiated a settlement with BML over US$58 million owed to the bank, according to local media.
Mahandhoo and Kabalifaru had appealed a High Court verdict upholding a Civil Court ruling – issued three years and eight months ago – ordering the companies to settle the debt.
BML lawyers confirmed to the court that such an agreement had been reached and that they had no objection to the Supreme Court dismissing the case, private broadcaster VTV reported.
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