Civil Court Authorizes BML to Auction Three Islands Tied to Reeko Moosa Over Heavy Load Loan Default
Former deputy speaker of parliament and MP, Moosa Manik (Reeko Moosa). | Photo: Moosa Maniku (Reeko)/X
The Civil Court has authorized the Bank of Maldives (BML) to sell three mortgaged islands tied to Heavy Load Maldives Pvt Ltd, following the company’s protracted failure to settle an outstanding USD 11 million (MVR 170 million) loan facility.
The properties, consisting of the head lease rights to Laamu Atoll Fares, Kuda Fares, and Boduhuraa are jointly owned by Heavy Load, former Deputy Speaker of Parliament Moosa “Reeko” Manik, and his three children, who all hold stakes in the enterprise.
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The ruling revives long-running foreclosure proceedings after an earlier Civil Court order granting permission to liquidate the assets was overturned on appeal by the High Court.
Under the fresh ruling issued on October 28, Heavy Load consented to the sale alongside the phased reserve pricing proposed by the national bank.
The court granted BML a three-month window to offload the assets under a stepped pricing structure, setting the starting base price at USD 46 million for the first month, dropping to USD 40 million in the second month if unsold, and settling at a floor price of USD 38 million in the final month.
The mortgaged portfolio includes Fares and Kuda Fares, which currently host the operational Rahaa Resort, and Boduhuraa, which is allocated for agricultural use. All three islands hold head lease rights valid until 2064.
