FAM trades part of Hulhumale’ plot in MVR13M debt settlement to Apollo

Football Association of Maldives (FAM) has traded part of the land leased from Housing Development Corporation (HDC) to settle an MVR 13 million debt to Apollo Holdings.

Apollo filed a lawsuit with the Civil Court to claim USD 8.5 million owed to the company for developing a training facility for FAM in Hulhumale’.

The dispute was settled out of court, with Apollo agreeing to lower the amount owed to them to MVR 13 million, and accept 5,000 square feet from the land plot in Hulhumale’ for 25 years in exchange for the money.

FAM has been embroiled in allegations of failure to pay coaches, athletes and their own staff. STELCO recently cut off electricity to the FAM House over MVR 6.5 million in outstanding bills. And the Civil Court recently ordered the association to pay MVR 1.7 million in hospital bills owed to ADK Hospital.