Former Maldivian President Mohamed Nasheed has filed a lawsuit against Maldives Islamic Bank over breach of contract.
Nasheed alleges MIB breached the contract to build a guesthouse in a plot of land – Luyuna - owned by him and his brother Ibrahim Nashid in K. Thulusdhoo.
MIB was contracted to build a guesthouse in Luyuna under a project finance facility agreement worth over MVR 4million in 2015. The contract stipulates that a five-story guesthouse must be built in Luyuna within 11 months.
Nasheed and his brother has filed a lawsuit with Thulusdhoo Magistrate Court, alleging MIB had failed to complete the project within the stipulated time, with no explanation. And that it was a breach of contract.
They have asked the court to order MIB to complete the project.
The lawsuit was filed under Article 25 of Contract Act.
The 14-room guesthouse in being built in a plot of land spanning 2,000 square feet.