Case filed to court regarding failure by Shareef to repay loan to Leasing Company

A case has been filed to court regarding failure by a company in which Thimarafushi MP Ahmed Shareef holds shares, to repay a loan obtained from Finance Leasing Company.

Sun Online understands that the loan default case was filed to court by Leasing Company in February 2013 following failure by the company to pay for one of two speedboats purchased in 2009.

Shareef said today that an agreement had been reached with the Leasing Company to go for an out-of-court settlement, and that the Leasing Company will propose this in court at the next session of the trial.

Shareef said that the process of withdrawing cases filed to court by the Leasing Company is complicated.

It has not yet been possible to get a comment from the Leasing Company regarding Shareef’s statements.

The issue of the loan came to media attention shortly after Shareef defected from the Progressive Party of Maldives (PPM) and joined President Dr Mohamed Waheed Hassan’s party.

Sun Online understands that the guarantee for the loan was given by Hiyaly Mohamed Rasheed of Araa Iru, Seenu Hithadhoo.

The Leasing Company has also pressed charges against Hiyaly Mohamed Rasheed.

Hiyaly Mohamed Rasheed told Sun Online that he was summoned to court regarding this case today as well, but today’s session was later cancelled. He confirmed that he was the guarantor for the loan.

Shareef said that the company had fully paid for one of the speedboats, and the outstanding amount for the other speedboat is MVR 519,000.