BML again puts Rahaa Resort islands up for sale over unpaid loan
The bank has invited bids for Fares and Kuda Fares in Laamu Atoll, setting a minimum sale price of USD 45.6 million.
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Bank of Maldives (BML) has again announced the sale of two islands operated as Rahaa Resort by Heavy Load Pvt Ltd, a company associated with former Deputy Speaker of Parliament Moosa Manik, known as Reeko Moosa, over an unpaid bank loan.
The bank has invited bids for Fares and Kuda Fares in Laamu Atoll, setting a minimum sale price of USD 45.6 million.
The head leases for the two islands are valid until 2064.
BML has previously announced attempts to sell the islands on several occasions after Heavy Load failed to repay its loan obligations.
According to the latest announcement, interested buyers must submit their bids before December 2.
The bank said the sale follows a ruling issued by the Civil Court on November 2.
Rahaa Resort, which operates across the two islands, offers several categories of accommodation, including Beach Villas, Lake View Villas, Salt Water Lake Villas and Ocean View Villas.
The resort also features a natural saltwater lake.
Other facilities include three food and beverage outlets, a wellness spa, a gym and a children's club.
The renewed sale announcement comes as Rahaa Resort is also among the resorts identified for failing to exchange US dollar earnings through a bank in accordance with the Maldives' foreign exchange regulations.
The latest announcement does not specify the total outstanding loan amount owed by Heavy Load to BML.
