Court orders speedboat company to return MVR17 mln to Fenaka

Staff at work inside the Civil Court. PHOTO/MIHAARU

Staff at work inside the Civil Court. PHOTO/MIHAARU

The Civil Court on Tuesday ordered a local speedboat company, Sharu Launch Services, to return the MVR 17 million sold by Fenaka Corporation in exchange for USD 1 million, which the latter never received.

State utilities company Fenaka Corporation had sold MVR 17 million to Sharu Launch Services last year in order to buy USD 1.15 million in exchange. However, the cheque from the speedboat company to Fenaka had bounced and the latter had filed at the Civil Court to obtain the money.

The lower court on Tuesday ruled that Sharu Launch Services must return the MVR 17 million to Fenaka in installments over four months.

Maldives Police Service had also investigated the issue of the bounced cheque. An employee of Sharu Launch Services and an employee of Mauritius Commercial Bank were arrested during the probe but both were eventually released. The Anti-Corruption Commission had also taken on the case.

A similar case had later surfaced where State Electric Company (STELCO) sold over MVR 3 million to Sharu Launch Services to buy USD 200,000 but never received the money. Following STELCO’s lawsuit, the Civil Court has ordered Sharu Launch Services to pay back the MVR 3 million as well.

Full details are available from the link below:

Source URL: Mihaaru-News

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