Sharu Launch ordered to pay over 29 million to MCB

Civil Court has ordered Sharu Launch Services Pvt. Ltd. to pay over MVR 29 million to to the Mauritius Commercial Bank (MCB).

MCB filed suit against Shau Launch after the company failed to repay the amount of USD 966,000 and MVR 13.8 million taken from the bank under a loan agreement on 27 January 2016.

The bank sought to get the return with the interest amount up to 12 February 2017, a total of MVR 14.1 million and USD 990,243.

The Civil Court ruling said that the documents submitted show that the money was taken by Sharu Launch from the bank and had failed to pay.

MCB also reserves the right to sell the two launches and a land in Hulhumalé, which was the original loan guarantee, in order to get the money if the company fails to pay the amount set by the court, ten months, according to the Civil Court.