The High Court has ordered a temporary halt to the sale of three islands owned by Heavy Load Maldives following an appeal by the company against a Civil Court ruling.
The Civil Court had earlier permitted the Bank of Maldives (BML) to sell the islands due to Heavy Load Maldives defaulting on a loan of USD 11 million (MVR 170 million). Heavy Load, owned by former Deputy Speaker of Parliament ‘Reeko’ Moosa Manik and his family, appealed the decision to the High Court.
In its order, the High Court instructed that the sale be paused until the appeal is resolved.
BML had announced the sale of Laamu Atoll Fares Island, Kuda Fares Island, and Bodu Huraa Island. Fares and Kuda Fares are home to Rahaa Resort, which features 100 beach villas, along with water sports, diving, and spa services. Bodu Huraa, meanwhile, was designated for agricultural use.
The islands’ head lease extends until 2064.
