The Civil Court has ruled that the Housing Development Corporation (HDC)'s termination of the agreement with Sea Life Global Inc. Private Limited for building housing units in Hulhumale' was proper.

HDC contracted Sea Life to build 3,000 housing units in Hulhumale' on March 13, 2014. However, Sea Life violated the agreement by not proceeding with the work, submitting a forged performance guarantee in the name of Credit Suisse, and collecting money from many people. As a result, HDC terminated the agreement with Sea Life on December 24, 2018.

Following the termination of the agreement, Sea Life filed a case with the Hulhumale' Division of the Civil Court, seeking a declaration that the termination was in violation of the agreement and law, and claiming compensation from HDC.

In a press release today, HDC said that the Hulhumale' Division of the Civil Court has ruled that the corporation's termination of the agreement signed between the company and Sea Life was proper, and that Sea Life is not entitled to any compensation in this regard.

"We note on this occasion that this corporation will take necessary legal action against parties who violate agreements in various projects being carried out in Hulhumale', in addition to the Sea Life project," HDC's statement said.