Bank of Maldives Auction Three Resort Islands Owned By Former Lawmaker
Photo: People’s Majlis
The Bank of Maldives (BML) has announced the auction of three resort islands developed by the Heavy Load company, owned by former deputy speaker Moosa Manik. The sale, set for next month, comes after a default on a mortgaged loan secured by the company.
The three islands up for auction are Fares, Kuda Fares, and Boduhuraa in Laamu Atoll. BML specified three bidding options available for interested parties:
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- Fares and Kuda Fares sold individually
- Boduhuraa sold individually
- All three islands sold together
Each bid will start at a minimum price of $23.2 million. The bank has asked that proposals be submitted in sealed envelopes by 12:00 pm on the 28th of next month. The bids will then be opened at 12:00 pm on the 11th floor of the Orchidma Building in Malé.
The highest bidder will be required to pay a non-refundable fee of $100,000 within five days of the auction’s conclusion. Notably, Rahaa Resort is also on the list of tax defaulters released by the Maldives Inland Revenue Authority (MIRA), indicating a broader financial strain on the Heavy Load company.
In addition to the resort islands, BML recently put up a landing craft owned by Heavy Load for auction earlier this month, also due to non-payment of loans.
