Bank of Maldives (BML) has announced to sell a piece of land in the capital Male’, M. Araaroot Villa, owned by former Defence Minister Thol’hath Ibrahim Kaleyfaanu, for defaulting on a financial loan.
In an announcement published by BML on 19 December, the bank calls for interested parties to submit bids before 1:30 p.m. on 5 January 2014.
The announcement states the 139.39 square meters (1500 square feet) of land is owned by Thol’hath Ibrahim Kaleyfaanu, his brothers Abdulla Shah Ibrahim Kaleyfaanu, Mohamed Habeeb Ibrahim Kaleyfaanu and a man named Hashim.
The bank said that the highest bidder for each day will be published at the bank’s branches and website and that the land will be considered sold if the highest bidder remains unchanged for 5 working days.