Housing Development Corporation HDC says the Football Association of the Maldives FAM violated its contract with the corporation when it decided to give part of its land plot in Hulhumale' to Apollo Holdings Private Limited instead of paying back a huge debt it owed.
FAM owes the company MVR 13 million and has decided to give away part of the land plot HDC has given to FAM in Hulhumale.
Speaking about this, HDC Managing Director Ahmed Athif said that under the agreement between the FAM and HDC, the land plot cannot be given to anyone for commercial purposes.
Athif noted that the FAM had proposed some changes to the contract regarding the land plot.
He added that HDC was further monitoring this situation but it remains undecided on the matter.
The FAM had struck an out-of-court settlement with the company after it had filed the case at the Maldivian Civil Court asking the Court to make FAM pay back the settlement amount as well as the resulting fines due to the late payments.
The out-of-court settlement stipulates that FAM give 5000 sq feet of the land plot in Hulhumale to Apollo for 25 years without taking any rent while once the land is given, the MVR 13 million debt would be settled.
