Bank of Maldives Plc. Maldives

BY: miadhu, 4 Oct 2016

Number: BML/RECOVERIES/2016/8216

Boat details

Type: Boat

Name: Fathimaa

Registration number: P5223A-02 09-F

Size & details: length 29.600m, breadth 9.500m, depth 3.380m, gross tonnage 89.180

Owner: Mr. Ahmed Firaq, Meenaaz, B.Maalhos

Note: This Boat is built using wood and is used as a Safari. The Boat sale also includes the sale of the engine. The information regarding the engine is mentioned below. This Boat was registered on 15th May 2003.

Engine details

Type: Marine engine

Brand: Cummins (300 hp)

Model: NT855

Mortgage: Mortgaged for a Demand loan of Hinmaiy Investment Pvt Ltd (C-73/2002)

Sale rights: Granted to Bank from Civil Court

(Vide verdict no. 450/Cv-C/2015)

Auction details (initial bid / expression of interest)

Minimum reserve price: MVR 2,500,000/- (Two Million Five Hundred Thousand Rufiyaa Only)

Deadline for submission: 1330hrs on23rd October 2016

Bid opening venue: Bank of Maldives PLC, Recoveries Department, 7th Floor, Sea Tracs Building

All initial bids will be opened and announced immediately after above deadline, in the presence of bidders who are present at that time, and the highest valid offer will be determined as the starting price of the auction.

The highest price will be published on the bank’s website ( If the highest price remains constant for 05 (five) consecutive working days from the date that it is announced, the auction will be closed with award to the highest bidder.

Bid closing & Award

The highest bidder will be informed by the Bank upon completion of the auction. Payment shall be made to the Bank within 10 (ten) working days from the date of written notification of award, or such other period as extended by the Bank, failing which the Bank reserves the right to cancel the notification of award and directly award to the next highest bidder, or announce again for further bids.

The Bank reserves the right to terminate the auction at any time before notification of award to the highest bidder.

Submission process and documents

Form of submission: In a sealed envelope with the words “to purchase boat Fathima” written on the envelope, to Bank of Maldives PLC, Recoveries Department, 7th Floor, Sea Tracs Building, between 0900-1330 hrs.

If an individual: - Letter specifying the offered price (in MVR), and contact details of bidder

- Copy of national identity card (or passport copy in case of a foreigner)

If a company: - Letter specifying the offered price (in MVR), and contact details of authorised person

- Copy of registration certificate of the company

- Copy of Board resolution appointing authorised representative to engage in all correspondence with the Bank for this auction process

- Memorandum and Articles of Association of the company

The bidder must provide his own bank account statement (past 06 months) as proof of financial capacity. The bank account statement should be an original issued by the respective bank. The statement must be updated not less than seven days before the submission of the bid. The following documents also should be submitted along with the bid. Bank of Maldives Plc. reserves the right to cancel any bids submitted with incomplete documentation.

From BML Recoveries Department (Phone no. 3330187 / 3015385, Email:


Employees or Directors of the Board of the Bank, or family members of employees or Directors (family members defined as parents, children, spouses, and siblings) or private companies with shareholding or directorship by Employees or Directors of the Board of the Bank are not eligible to take part in the auction. All other individuals and registered companies are eligible.

Previous announcements:

No previous announcements regarding sale of this asset have been made.

29 September 2016


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