Bank turns to courts over judge’s alleged loan repayment failure

The Bank of Maldives has reportedly turned to the country’s Civil Court in a bid to reclaim Rf2.5 million it alleges was loaned to High Court Judge Abbas Shareef and his father but never paid back.

Haveeru has reported that lawyer Hussein Siraj, who will be representing BML during the trial, claimed at a hearing today that the judge had signed as a guarantor for a Rf 2.5million loan taken out in 2008 for his father Ali Shareef. The bank is now seeking Rf2.6 million in repayments from the original loan within a single transaction.

According to the news report, BML’s lawyer told the court that the finance group sought to sell a mortgaged boat, said to be owned by Judge Shareef and his father, if the requested payment could not be met in a single monetary transaction. Siraj requested that the defendants should also bare the brunt of any charges relating to the sale of the vessel.

Haveeru claimed that the trial is ongoing, though presiding Judge Abdulla Ali is reportedly yet to set a date to reconvene the case following the conclusion of today’s hearing.


India targets South Asian energy security boost with regional loan plans

Indian authorities have unveiled plans to offer US$1oo million loans to neighbouring countries like the Maldives for the development of infrastructure like roads and power, according to media reports.

The Indian Express newspaper reported today that the development loan announced this week at a meeting  in Male’ of the South Asia Free Trade Area Ministerial Council in order to outline credit cover for various nations at levels of interest close to the regularly updated London Inter Bank Offer Rate.

The report has claimed that the funds, which will be supplied by India-based Exim bank, would be used to try and bolster energy security among the member nations of the South Asian Association For Regional Cooperation (SAARC), particularly across national borders.

Indian officials also reportedly used the meeting to call for the lifting of trade barriers across the SAARC region in areas such as textiles, agriculture, pharmaceuticals, electronic goods and car production.