Shamheed Pledges to Settle Court-Ordered Loan Debt Personally, Calling Case a “Political Attack”

Hulhumalé South MP Dr Ahmed Shamheed has announced that he will personally settle the court-ordered loan debt taken out by a company in which he holds shares, while dismissing the controversy surrounding the ruling as a politically motivated attack against him.

The pledge follows a Civil Court judgment issued ordering five individuals, including Shamheed, who acted as a guarantor to repay an outstanding balance on a USD 500,000 sale-and-leaseback facility granted to Duplex Private Limited by the Maldives Islamic Bank (MIB). Under the ruling, the defendants must clear the remaining principal of USD 36,647.76, alongside accrued monthly penalties and charity charges, within six months.

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In a statement released, Shamheed explained that the financing had originally been secured for the personal use of other shareholders in the firm, noting that he only agreed to act as a guarantor because the facility could not otherwise be arranged. He said that once he discovered the company had fallen behind on repayments, he repeatedly urged those overseeing the firm’s management and finances to settle the arrears, to no avail.

“Because those responsible failed to pay, I have been making repayments out of my own pocket ever since,” stated Shamheed, who is also vying for the Maldivian Democratic Party (MDP) ticket ahead of the 2028 presidential election.

Shamheed alleged that the financial dispute is now being weaponised to tarnish his reputation ahead of his political campaign. He claimed that the individuals leading the company, which he originally co-founded with former friends have recently thrown their support behind one of his political rivals, adding that political competition should not be used as an excuse to politicise private business matters for character assassination.

According to records on the Ministry of Economic Development’s business portal, Duplex Private Limited’s Managing Director is Ahmed Aslam. Alongside Aslam and Shamheed, the company’s shareholders include Ahmed Saeed, Mohamed Hamdhan Baagir, and Mohamed Fiyaz.

Shamheed further maintained in his statement that those running the company completely ignored the lawsuit after it was filed, failing to appear or respond to the court. He added that the court proceeded to conclude the case and issue its verdict in his absence, notifying him of the judgment via email.

“Even though this loan was not taken for my own personal benefit, I wish to assure the beloved constituents of my constituency that, by the grace of Almighty Allah, I will personally pay off and settle this legally binding debt in full accordance with the court’s ruling,” his statement concluded.