Court halts sale of Moosa Manik’s mortgaged islands
The dispute arises from a $11 million (approximately MVR 170 million) loan default by Heavyload Company to the Bank of Maldives.
The High Court on Sunday issued an order delaying the implementation of a Civil Court ruling that allowed the sale of three islands owned by the Heavy Load company.
This action comes as part of an appeal filed by Heavy Load, a company owned by former Parliament Vice-President Moosa Manik (Reeko Moosa), contesting the Civil Court's decision.
The dispute arises from a $11 million (approximately MVR 170 million) loan default by Heavy Load to the Bank of Maldives (BML). In response to the non-payment, the Civil Court granted BML permission to sell three islands under Heavy Load’s ownership to recover the outstanding amount. The islands involved include:
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L. Fares Island and Kuda Fares Island – two islands run as Rahaa Resort.
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Bodu Huraa Island – Allocated for agricultural purposes.
Following this decision, BML announced the planned sale of the islands.
Heavy Load filed an appeal in the High Court, arguing that the Civil Court allowed the sale of the islands without properly valuing the assets. The company also asserted that selling the islands before the resolution of the case would irreparably impact their interests.
The appeal sought a temporary stay on the Civil Court's ruling until the High Court reviews the case and makes a final judgment.
A panel of three judges, consisting of Judge Mohamed Faisal, Judge Hussain Mazeed (Presiding Judge), and Judge Mohamed Shaneez Abdullah, issued an order halting the sale of the islands. The High Court emphasized that the implementation of the Civil Court's decision would have significant consequences on the case's outcome, warranting a stay.
The High Court's decision to stay the sale provides Heavy Load with a temporary reprieve. However, it leaves the matter unresolved, with the ultimate fate of the islands depending on the outcome of the High Court proceedings.
