High Court has ordered Hinmayy Investment to pay 1.1 million Rufiyaa to MIFCO.
The court issued this order on last Thursday. Hinmayy Investment owes this money to MIFCO for borrowing items on credit.
The company owes RF 490,000 for borrowing items on credit and RF 692,000 as fines. The Civil Court ordered Hinmayy to pay the amount excluding the fines. However, when MIFCO appealed the case at the High Court, the court ordered to pay the fines as well because as per the agreement, Hinmayy should pay fines as well.
Court ordered to pay the money within 6 months and if not MIFCO will have the right to sell a vessel which Hinmayy Investment gave as a collateral.
High Court orders Hinmayy Investment to pay 1.1 million Rufiyaa to MIFCO !
