MNSL ordered by court to pay State USD 1.1 mn

Civil Court has ordered Maldives National Shipping Limited (MNSL) to pay State USD 1.1 million.

Civil Court made the judgment on Thursday, after Maldives Inland Revenue Authority (MIRA) filed a lawsuit to claim the cumulative fines after MNSL failed to pay lease for A. Dh. Vilingilivaru – an island which the government leased to the company in 1990.

MNSL has been asked to pay up the MVR 1.1 million in fines within the next three months.

Vilingilivaru was leased to MNSL for 21 years, starting from 1990, for development as a tourist resort. The island was sold off by the company in 1997.

MNSL owed the State USD 43,000 in lease payments when they sold the island in 1997, a payment which the company paid in May, 2013.

Government made the decision to dissolve MNSL and create a new company after the company went bankrupt.