Bank of Maldives has announced the sale of L. Kudafares (Rahaa Resort), following a Civil Court order allowing it to sell three mortgaged islands of Heavy Load Maldives Pvt Ltd over an unpaid USD 11 million loan. The minimum price for Kudafares is USD 45.6 million, with proposals due before 12pm on December 2.
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On October 28, the Civil Court once again ruled that BML can sell the three islands.
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the bank has announced the sale of L. Kudafares (Rahaa Resort) today.
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Failure to repay a USD 11 million (MVR 170 million) loan issued to Heavy Load by BML had led the Civil Court to rule even previously that BML could sell the mortgaged islands.
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Failure to repay a USD 11 million (MVR 170 million) loan issued to Heavy Load by BML had led the Civil Court to rule even previously that BML could sell the mortgaged islands.
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As per today's announcement by BML, the lowest price at which Kudafares will be sold is USD 45.6 million.
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the court order states that the minimum price in the first month is USD 46 million.
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If the resort is not sold within the first month, the price can be reduced to USD 40 million in the second month.
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If the resort still remains unsold, a minimum price of USD 38 million can be offered in the third month.
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The head lease for the islands is set to expire in 2064.
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Interested parties can submit proposals before 12pm on December 2.
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