BML announces sale of Moosa Manik's resort islands over default
The resort is also included in the list of tax defaulters published by the Maldives Inland Revenue Authority (MIRA).
Bank of Maldives (BML) on Sunday announced the sale of three resort islands developed by former deputy speaker Moosa Manik's Heavy Load company.
BML stated that the sale of the three islands is due to default on a mortgaged loan. The auction will take place in Male and includes the following islands:
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Fares
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Kuda Fares
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Boduhuraa
These islands are operated by Rahaa Resort.
BML outlined three options for potential buyers:
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Fares and Kuda Fares separately
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Boduhuraa separately
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All three islands together
The minimum starting price for each bid is set at $23.2 million.
The bank specified that interested parties must submit proposals in sealed envelopes by 12 noon on the 28th of next month. Proposals will be opened at 12 noon on the 11th floor of the Orchidma Building.
The highest bidder will be required to pay a non-refundable fee of $100,000 within five days of the auction.
The resort is also included in the list of tax defaulters published by the Maldives Inland Revenue Authority (MIRA).
