Bank of Maldives has announced the sale of Rahaa Resort, belonging to former deputy parliament speaker Moosa Manik (Reeko)’s company, Heavy Load Maldives Private Limited, following the company’s failure to repay a loan withdrawn from the Bank.

Rahaa Resort has been developed on three islands in Laamu Atoll; Fares, Kuda Fares, and Boduhuraa. The Bank is seeking a public auction of all three islands.

Interested parties have been instructed to submit their bids under either one or both options detailed below:

Option 1: Fares, Kudafares and Boduhuraa together for a minimum sale price of USD 23,262,000

Option 2: Fares and Kudafares separately for a minimum sale price of USD 23,262,000 and Boduhuraa separately for a minimum sale price of USD 23,262,000

The Bank further noted that the Head Lease expires on 18 December 2064.

BML said interested parties should submit their proposals in sealed envelopes before 12:00pm on November 28th.

The highest bidder will be mandated to pay a non-refundable USD 100,000 to BML within five business days of being notified of winning the bid.