G. Fanas being auctioned due to USD 3 mn loan payment failure

An announcement has been made that G. Fanas will be sold at an auction due to a private company failing to pay back a USD 3.4 million (MVR 52.5 million) loan to Maldives Islamic Bank (MIB).

The 1,469 square foot plot had been mortgaged by Huravee International Pvt Ltd, with the loan totaling USD 3,406,369.50. The Civil Court had issued a verdict for loan payment to be made in 2022, with no payments having been recorded.

MIB announced the sale of the plot, which includes fixed property.

As per MIB, the starting price for the auction is MVR 30,230,000. Interested parties can make their offers until the deadline of 25th September, 1:00pm. 

Bidding will open on 25th September, 1:00pm at the MIB office, located on the 1st floor of M. Faamudheyrige.

When the auction begins and the highest bid is announced, MIB will continue to upload the highest bid on their website daily. 

The highest price will be announced at the start of the auction, with a sealed letter holding the highest price being opened in the presence of those attending. The letter will hold the starting price of the bidding process.

Interested parties will have the chance to make higher bids for the duration of the auction. This includes parties who have made previous bids and those who have made new bids.

MIB has stated that a submitted bid cannot be withdrawn until it has been announced that the auction has ended or has been cancelled.