Court grants BOC right for foreclosure of Dhoogas if MVK fails to settle loan

Civil Court has granted Bank of Ceylon the right to foreclose Dhoogas in Gan, Addu City if MVK Maldives Private Limited fails to settle the USD 2,700,000 loan it took from the bank.

Civil Court ruled that evidence submitted proved MVK failed to settle the loan in accordance with the agreement made between BOC and MVK on February 2, 2012.

MVK has been ordered to settle the loan, along with the interest and fines within seven months.

Court granted BOC with the right for foreclosure of Dhoogas in MVK fails to settle the payment.