Civil Court Orders MP Shamheed and Four Guarantors to Repay US$500,000 MIB Loan

The Civil Court has ruled in favour of Maldives Islamic Bank (MIB) in a case over an unpaid US$500,000 loan facility issued to Duplex Private Limited, ordering Hulhumale' South constituency MP Dr. Ahmed Shamheed and four other guarantors, along with the company, to settle the outstanding debt. The claim was brought by MIB after the US$500,000 issued as a "Sale and Leaseback Facility" to Duplex Private Limited was not repaid in accordance with the agreement. Shamheed, who has announced that he will contest the upcoming MDP presidential primary, was judged in the case because he is among those who provided the guarantee for the loan. The guarantors named in the case are: Ahmed Aslam, Orchidvilla, Ga. Dhevvadhoo; Ahmed Saeed, Saimaage, Ga. Dhevvadhoo; Ahmed Shamheed, Plot Number 11088 (Vaarege), Male'; Mohamed Hamdhaan Baagir, Fehividhuvarge, S. Hulhudhoo; and Mohamed Fiyaaz, Sevency, Ga. Dhevvadhoo. In the judgment delivered by the Civil Court yesterday, it was determined that it is proven that MIB issued a financial facility of US$500,000 and that "Duplex Cruise" had been established as a safari vessel. The court determined that all monies payable in connection with the facility be paid and settled, and that all benefits, rights and powers accrued to the bank under the lease agreement remain in force without being revoked until the facility is closed. The judgment ordered that, in respect of the facility's outstanding balance of US$244,826.52 as at the 4th of this month, and US$36,647.76 accrued as charity, and the "monthly rental" monies accruing monthly to that facility, and the monies accruing as charity, and in the manner of ensuring MIB receives all monies payable under the facility agreement that have not been paid, the company and the five persons pay MIB an amount not less than the amount due for each month every month, and settle that debt within six months commencing from 10 November 2026. The judgment was made in the presence of those parties.