BML announces sale of Vimla Rasheed

Following failure by Vimla Construction to repay a loan, the Bank of Maldives (BML) has announced the sale of the mortgaged safari boat for MVR 10.6 million.

BML said in an announcement last week that the Civil Court had granted permission to sell ‘Arivara 1’ safari boat registered in the name of Ibrahim Rasheed (Vimla Rasheed) of Seenu Feydhoo, owner of Vimla Construction.

Arivara 1 safari boat is 29.750 meters long, 8.5 meters wide, and has eight cabins.

BML said that following the announcement on 20 May, the highest price proposed for the boat by 13:30 on 21 May is MVR 10,620,000, and that interested bidders can submit an increase of MVR 500,000.

BML said that the bidding will be completed if the price remains unchanged for five consecutive days.

BML has also announced the sale of safari boat Madivaru 3, following failure by Funaddoo Tuna Products Private Limited to repay a loan.