BML to Auction Three Islands Owned by Heavy Load Maldives Over Unpaid Loan

Mohamed Hilmy

28 October 2024, 00:00

The Bank of Maldives (BML) has announced plans to auction three islands owned by Heavy Load Maldives Pvt Ltd due to an unpaid loan of USD 11 million (MVR 170 million). Heavy Load Maldives, a company under former member of people’s Majlis Moosa Manik (Reeko), has defaulted on the substantial loan, prompting the bank to take action.

The islands set for auction include Laamu atoll’s Fares Island, Kuda Fares Island, and Bodu Huraa. Notably, Rahaa Resort operates on Fares Island, while Kuda Fares features 100 beach villas along with water sports, diving, and spa facilities, making it an attractive investment for potential buyers. Bodu Huraa serves agricultural purposes, and all three islands hold head leases valid until 2064.

BML is offering two purchasing options: interested buyers may place a combined bid for all three islands with a minimum starting bid of USD 23.2 million (MVR 355 million), or they may opt to purchase each island individually, with the minimum bid still set at USD 23.2 million. Prospective buyers are invited to submit their expressions of interest by November 28.

BML to Auction Three Islands Owned by Heavy Load Maldives Over Unpaid Loan

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