Island Beverages MD also found liable for debt; USD 65 owed each month

Civil Court has ordered Mohamed Jinaan Ali, the CEO of Island Beverages Maldives, a subsidiary of state-owned water company, Male’ Water and Sewerage Company (MWSC), to pay USD 2,700 to the Bank of Maldives (BML).

According to the court’s ruling, the case was filed by BML after Jinan failed to settle the payments incurred for a credit card issued to him.

An agreement signed between BML and Jinan on September 19th, 2024, revealed that Jinan owed the bank a total of USD 6,298.25. However, under the terms of the agreement, Jinan is required to pay USD 2,700 in installments. If the payments are made on time, the remaining balance will be forgiven.

As per the agreement, the debt needs to be settled within 55 months from the date of execution of the agreement, accounting for more than four years. As such, Jinaan needs to pay USD 65 per month.

Civil Court ruling states that Jinan had requested the Court to deliver a ruling establishing a repayment arrangement. As such, the Court, referencing the terms of the agreement, ordered Jinan to pay USD 2,700, along with any interest and fines incurred on the amount.

Notably, state-owned Fenaka Corporation’s Mohamed Abdul Kareem (Rukuma) was also recently found liable to pay USD 4,500 in unpaid credit card debt.