Dr Ahmed Shamheed, the MDP MP for Hulhumalé South, has said he will settle a debt in accordance with a Civil Court ruling over a loan he guaranteed for Duplex Private Limited.
In its ruling on Wednesday, the Civil Court ordered the payment of USD 281,474.28 to the bank within the stipulated period, comprising USD 244,826.52 outstanding under the facility and USD 36,647.76 in accrued charges. The court determined that the sum was an established debt for which all defendants, including Shamheed, were jointly and severally liable.
In a statement responding to the ruling, Dr Ahmed Shamheed said that although he had founded Duplex Private Limited with former friends, he had stayed away from its management for some seven years following disagreements. He said the loan had been taken out for the personal needs of some shareholders and that he had agreed to act as guarantor to help them, as they could not obtain the loan without his guarantee.
Shamheed said that although the loan had not been taken out for his own needs, he would not shirk his legal obligations. His statement also gave his constituents his full assurance that he would settle the debt in accordance with the court ruling.
Comments