MP Hamza and several others ordered to pay $17.6 million to BML

Civil Court has ordered Bilehdhoo MP Ahmed Hamza and several others to, within one year, pay $17,625,729.95 (including fine and interest) to Bank of Maldives (BML) for a loan obtained by Medhufushi Investment.

BML took the matter to court after Medhufushi Investment failed to repay the loan.

The verdict issued by Civil Court today states that Medhufushi Investment had defaulted on a loan worth $16,791,875.84.

The court thus ordered the guarantors of the loan Abdulla Ali, Ibrahim Jihad, Sham’oona Abdulla Ali, Mohamed Latheef, Shamsul Muna, Ali Shiyam, and Ahmed Hamza, to repay the loan plus fine and interest to BML within one year.

The court said that the rights and powers of the bank as per the mortgage agreement will continue to be valid until the bank’s account related to this credit facility is closed.