Sh. Dholhiyadhoo Resort is being put up for auction as a result of failure to repay a loan taken by State Bank of India (SBI).
According to a statement released by SBI, the bidding for Sh. Dholhiyadhoo will begin at MVR 659.9 million.
The statement also details that any parties interested in bidding for the resort are welcome to present their bids between March 21 until April 4.
It is also mentioned in the statement that the resort is being auctioned off as a result of failure to repay loans taken for its investment to not only SBI, but Bank of Ceylon and Bank of Maldives as well.
Dholhiyadhoo is a 100-bed resort being run by the famous AAA Company.
While Dholhiyadhoo is now up for auction, another resort Lh. Palmbeach resort was also auctioned off recently for similar reasons by SBI.