The State Bank of India (SBI) has filed a case against the family of Foreign Minister Ahmed Naseem for a loan guarantee provided by his mother for five loans from the bank.
Newspaper Haveeru reported yesterday that the case was filed against Naseem and other heirs of his mother Mariyam Ismail: Naseema Mohamed, Saleema Mohamed, Waseema Mohamed, Asima Mohamed, and Umaima Mohamed.
Other guarantors in the case include Ali Saleem of Henveiru Hikifinifenmage; Abdul Aziz of Maafannu Athassaagiri; and Mohamed Shiyam of Henveiru Maabadeyri Aage.
SBI claimed that Friends Incorporated Private Limited was issued a loan of Rf500,000 on August 11, 1994, along with a Rf900,000 loan and a US$100,000 (Rf1,542,000) loan on April 15, 1998. The company however still owes Rf6,432,280 to the bank in outstanding loan repayments.
Moreover, according to SBI, Friends Incorporated owes US$1,376,081 (Rf21,219,169) out of a US$50,000 (Rf771,000) loan taken on October 1, 1995, a loan of US$250,000 (Rf3,855,000) taken on April 15, 1997 and another US$175,000 (Rf2,698,000) loan taken on January 26, 1999.
As the company had mortgaged all of its assets and the “Kalamidhi” plot, SBI requested the court to sell all the mortgaged assets if the company fails to settle the outstanding payments and interest.