HDC wants Sealife case settled out of court

Housing Development Corporation (HDC) says it is engaged in negotiations with Sealife Global to settle the lawsuit against the company for housing fraud outside of court.

Managing Director of HDC, Ahmed Suhail confirms the corporation is engaged in negotiations with Sealife Global.

SeaLife announced its 3,000-apartment housing project, the SeaLife Complex in Hulhumale’ in 2015.

280 tenants paid down payments of MVR 50,000 (some more than MVR 50,000). But the SeaLife Complex was never built and the tenants never reimbursed for their down payments.

The cumulative total of the down payments collected by SeaLife is estimated to be upwards of MVR 14 million.

The case is under investigation by the Economic Crime Department of Maldives Police Service, the Anti-Corruption Commission (ACC), and is also the subject of the biggest class-action lawsuit in Maldivian history.

Speaking at a press conference this July, President Ibrahim Mohamed Solih said the government was in the middle of negotiations to settle the case out of court.

He said Sealife has proposed reimbursing the down payments using the advance payment made to HDC for the project, and relaunching the project.

“The proposal is – Sealife has paid HDC millions of dollars in advance payments. They have asked that tenants will be reimbursed using that money, and they be allowed to resume the project,” said Solih.

HDC’s MD Suhail declined to disclose details of the negotiations, but confirmed negotiation sessions have been held on multiple occasions.

An Interpol has issued red notice has been issued against Ahmed Moosa Mohamed (Ammaty), the Managing Director of Sealife Global, who is presumed to have fled to Sri Lanka.