Singapore’s Fomento Associated Company has filed suit in Maldives Civil Court against ADK to recover a US$ 1.5 million loan.
The loan was taken back in 2011, with a personal guarantee from ADK Company Chairperson Ahmed Nashid.
The case was initially filed in a lower court in Singapore. In 2014, the court had decreed that ADK must pay back the amount. The case was filed in Singapore’s High Court later on. The case is still on going, with Fomento requesting to recover any assets, listed to Nashid, that is equivalent to loan amount. Nashid was fined by US$ 12,000 after he had failed to attend hearings.
The case filed in Civil Court is against Nashid, ADK Company and ADK Travels. A hearing of the case is scheduled for Wednesday.
The US$ 1.5 million loan had accrued interest over the past six years and now amounts to just over US$ 2 million.
Full details are available at the link below: