BML to Sell Three Islands Tied to Mercurial Former Politician’s Company Over Unpaid Loan

MALE’, Maldives — Bank of Maldives (BML) has announced the sale of three islands linked to a company owned by Reeko Moosa Manik, a former film star turned mercurial political figure, amid allegations of unpaid wages and debt issues.

The islands, including L. Fares, Kuda Fares, and Bodu Hura, are under the head lease of Heavy Load Maldives, a company Moosa owns, and are now listed for sale following a default on a substantial USD $11 million loan. Among these, L. Fares and Kuda Fares host the Raha Resort, a 100-room establishment featuring beach villas, water sports, diving, and spa amenities. Bodu Hura, meanwhile, operates as an agricultural island. The lease on these islands extends until 2064.

The bank announced the loan default, which has led to the islands’ listing, noting that expressions of interest expired just yesterday. Heavy Load Maldives’ financial troubles also encompass ongoing disputes over unpaid wages to expatriate workers, further complicating the company’s financial standing.