Court Grants Permission for BML to Sell Three Islands of Heavy Load Company Again

The Civil Court has once again granted permission to the Bank of Maldives (BML) to sell three islands belonging to Heavy Load Company for failure to repay a loan. The islands were held as collateral by Heavy Load Company, former Deputy Speaker of the People's Majlis Reeko Mohamed Manik, and his three children. The Civil Court had previously granted permission to sell the islands when the company failed to repay a loan of $11 million (MVR 170 million) provided by BML. However, the High Court annulled that judgment. The Civil Court granted BML permission again on the 28th of last month, with Heavy Load agreeing to sell the islands at the price requested by BML. According to the court order, the starting price for selling the islands in the first month is $46 million, dropping to $40 million in the second month and $38 million over three months. Permission to sell has been granted for the islands L. Farees, Kuda Farees, and Boduraa. Farees and Kuda Farees have resorts in operation, while Boduraa was put up for sale for agriculture. The head lease for these islands expires in 2064.