Bank of Maldives to Auction Three Resort Islands Over Heavy Load Maldives Loan Default

The Bank of Maldives (BML) is gearing up for an auction next month of three resort islands in Laamu Atoll developed by Heavy Load Maldives, a company owned by former Deputy Speaker Moosa Manik. The auction comes after Heavy Load Maldives defaulted on a mortgaged loan, prompting BML to pursue the sale of these properties to recover the outstanding debt.

Details of the Islands Up for Auction

The islands set for auction include Fares, Kuda Fares, and Boduhuraa, all located in Laamu Atoll. Each of these islands is fully developed, making them prime assets for potential investors in the Maldives’ tourism sector. BML has provided three main bidding options for prospective buyers, allowing flexibility in acquiring one or more islands:

  • Fares and Kuda Fares: Available for individual sale
  • Boduhuraa: Available for individual sale
  • All Three Islands: Available as a combined sale package

This structure enables investors to select the option that best aligns with their financial goals and investment strategies. The auction opens bidding at a minimum price of $23.2 million per island or as a combined offer.

Submission and Auction Timeline

BML has detailed the submission process and timeline for the auction:

  • Bidding Deadline: Proposals should be submitted in sealed envelopes by 12:00 pm on the 28th of next month.
  • Auction Venue: Bids will be publicly opened at the Orchidma Building in Malé on the 11th floor, allowing transparency in the auction proceedings.

To secure the islands, the highest bidder will need to pay a non-refundable fee of $100,000 within five days after the auction concludes. This fee is essential to confirm the intent to purchase and provides BML with a guarantee of the sale.

Financial Issues Surrounding Heavy Load Maldives

Heavy Load Maldives, owned by Moosa Manik, has encountered significant financial challenges in recent months. The company has appeared on the Maldives Inland Revenue Authority’s (MIRA) tax defaulters list, signalling ongoing issues with tax compliance and financial strain.

In addition to the resort islands, BML recently placed a landing craft owned by Heavy Load Maldives up for auction due to a separate unpaid loan. 

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