Ali Nizar settles MVR 1.2 million debt
Ali Nizar paid a loan of MVR 1.2 million in one go and campaigned actively in MDP’s presidential primary held last month.
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By
Mohamed Muzayyin Nazim
Addu mayor Ali Nizar has settled the loan of MVR 1.2 million taken from the Bank of Maldives (BML) in 2016 after the bank filed a recovery suit at the court.
On December 7, the bank filed a case against Ali Nizar and the guarantor of the loan for failing to repay the loan as per the agreement. However, since Ali Nizar had paid the amount and cleared it last week, the civil court quashed the case on Thursday.
According to the civil court's ruling, Ali Nizar had taken the loan when he was a member of parliament representing Hithadhoo South constituency and had taken the loan with someone else. As collateral, he had signed off:
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Hithadhoo Cress Garden Restaurant and all its assets
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Bandaara (5,000 sq ft) plot in Hithadhoo Hiyala and all the buildings in it
In the charge sheet, the bank has sought a one-time recovery of all outstanding dues, service charges, interest and penalty amount, which were not been paid in connection with the loan so far. The bank has also sought a direction to declare that all the items mentioned as collateral to be kept in mortgage.
Civil Judge Hafiza Abdul-Sattar, in her ruling, said the bank had on Wednesday requested the court to drop the charge sheet as the dues in connection with the loan had been cleared. Therefore, the judge decides to quash the charges," the judgment said.
It is not clear how much Ali Nizar had to pay back for the loan. Ali Nizar did not immediately respond to a request for comment.
Ali Nizar paid a loan of MVR 1.2 million in one go and campaigned actively in MDP’s presidential primary held last month. During the campaign, he was in support of President Ibrahim Mohamed Solih, who won the primary.
