The Civil Court has temporarily suspended the financial transactions of the state media PSM.
The Civil Court issued such an order against the state media following a case filed by Artisan Pvt Ltd for PSM's failure to pay for services rendered, valued at MVR 4.5 million. Although PSM was granted a three-month period in April 2021 to settle the payment, it remains unpaid. The Civil Court suspended PSM's financial transactions after Artisan applied to the court for an enforcement order.
PSM has admitted in court to owing the claimed amount by Artisan.
According to financial records submitted to the Civil Court by PSM, PSM's monthly operational costs are MVR 8 million. However, the court's assessment revealed that PSM's bank accounts did not hold an amount even close to the amount stated in the records.
In light of this, the court has now asked PSM to submit details of revenue sources. PSM has also been asked to submit all information to the court regarding its assets, both movable and immovable.
The court has also ordered that no assets of PSM can be sold without the court's permission until the debt of Artisan Pvt Ltd is paid. The court also ordered that no transactions be made that would transfer the property to a third party.
