Bid for collateral owned by former Defence Minister reaches MVR 22.8 million

The bid for the property M. Araaroot Villa, owned by former Defence Minister Thol’hath Ibrahim Kaleyfaanu, has reached MVR 22.8 million.

Bank of Maldives (BML) announced to sell M. Araaroot Villa after Thol’hath and Ahmed Hashim defaulted on a MVR 14 million loan.

The current highest bid for the property, as at 1:30 p.m. on 23 February 2014, is MVR 22,820,000.

The bank said that the highest bidder for each day will be published at the bank’s branches and website and that the land will be considered sold if the highest bidder remains unchanged for 5 working days.

Civil Court ruled on 25 July 2013 that Thol’hath and Hashim owed a sum of MVR 27.6 million to the bank for unpaid loan amounts and defaulting fees.

The order allowed BML to sell off the properties M. Venus and M. Araaroot Villa, which were put down as collateral, if they failed to repay the sum within 7 days.

The 139.39 square meters which is M. Araaroot Villa is owned by Thol’hath Ibrahim Kaleyfaanu, Abdulla Shah Ibrahim Kaleyfaanu, Mohamed Habeeb Ibrahim Kaleyfaanu, and Ahmed Hashim.