Maldives Finance Leasing Company sues Yacht Tours Maldives to regain MVR 12.6 million

Maldives Finance Leasing Company Pvt Ltd (MFLC) has filed suit against Yacht Tours Maldives Pvt Ltd, owned by Kaashidhoo MP Abdulla Jabir, seeking to regain a total of MVR 12.6 million.

Sun is aware that MFLC has filed five cases against Yacht Tours in Civil Court, some of them implicating MP Abdulla Jabir and his younger brother Ibrahim Shiham.

Fours of the cases seek to regain an overdue amount of $630,000 (MVR 9.71 million), which Yacht Tours had borrowed from MFLC on credit. The other case asks to regain MVR 2.9 million.

Civil Court has commenced trials for all five cases, although none have yet concluded.

A number of hearings have been cancelled because the lawyer representing Yacht Tours Maldives failed to attend court.

Government has recently terminated leasing agreements for two tourist resorts leased to Yacht Tours Maldives, Haa Alif Alidhoo and Alif Dhaalu Kudarah, both for foregoing payment which had accumulated a debt of $7 million.

Pension Office has also filed a case against Yacht Tours for not having filed proper pension savings for the company’s employees.