The Civil Court has again granted Bank of Maldives permission to sell three islands owned by Heavy Load company, former Deputy Speaker Reeko Moosa Manik and his children over an unpaid USD 11 million loan, after an earlier ruling was overturned by the High Court. The court order sets declining starting prices of USD 46 million, USD 40 million and USD 38 million across three months.
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While permission has been granted to sell the islands within three months, according to the court order, the starting price for selling the islands in the first month is USD 46 million.
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If not sold within the first month, the next starting price is USD 40 million.
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The order states that the starting price for the third month is USD 38 million.
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The head lease for these islands expires in the year 2064.
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