Maldives Islamic Bank (MIB) has dropped the lawsuit it filed against former Vilimale’ MP Ahmed Nihan Hussain Manik and his brother Inan Hussain Manik over failure to pay for a credit facility they took out from the bank.
Civil Court confirms the case has been pushed out of court.
According to the Civil Court, it made the decision after MIB requested to drop the lawsuit after Nihan and Inan paid the outstanding payment in full.
The case involves a MVR 4 million loan issued to Nihan and Inan under a Diminishing Musharakah Property Financing Agreement signed in 2016.
The bank had asked for permission from the court to sell an apartment at the Platinum Residence put up as collateral if they failed to settle the facility, monthly rental, and charity in full.
However, the bank later dropped the lawsuit after they paid the money.
Nihan is also on trial for money laundering and bribery based on the allegation he asked for and accepted bribes from former Vice President Ahmed Adeeb Abdul Gafoor in exchange for influence over the decisions he made as Vilimale’ MP and chair of Parliament’s Public Accounts Committee, and kept and used the illegally obtained funds.