Sunday 29th Jan 2023
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Minister Fayyaz

BML to auction off Fayyaz’s house to recover default payments

The Civil Court has authorized the Bank of Maldives to auction off G. Moonimaage, house being constructed for residence of Economic Minister Fayyaz Ismail and his siblings to recover their accumulated debt payments.
The bank was authorized to sell the house to recover the loan of MVR 34 million taken by Business Image Group (BIG). The house was offered up as collateral for the loan issued in 2016 and BML had taken the company to court as they fell behind on loan repayment.
BIG was liable to pay MVR 30 million by 26th September.
The current shareholders of BIG include former Communications Head at the President’s Office and unofficial PR employee for the president, M. Bogan Villa, Hassan Ismail and the brother to Mushfiq Mohamed, the co-writer of the unislamic report published by MDN and President Ibrahim Mohamed Solih’s official photographer, Mohamed Munshid.
Although, at one point the company shares were also held by the Economic Minister Fayyaz Ismail and the husband of Minister for Arts, Culture and Heritage, Yumna Maumoon, Ahmed Nadheem.
In addition to the mortgaged property, the loan was guaranteed by Moonimaage, Ahmed Zareer, Hassan Ismail, Munshid and BIG.
The property is currently under construction by BIG. Although it remains unknown of where the funding for such a project came from, TMJ has learned that the home was being built to accomodate Hassan Ismail, Fayyaz Ismail and other members of the Boagan Villa family.
According to the Rconomic minister’s taxes and financial statements, he is in deep debt, owing to multiple entities.
Despite the feigned poorness from his financial statements, Former President and party leader, Mohamed Nasheed has been vocal about the corrupt activities led and orchestrated by Fayyaz, who is also the chairperson of MDP.