Court orders MPL to pay MVR160 mln over delayed payment

The Civil Court has ordered Maldives Ports Limited (MPL) to pay an amount over MVR160 million in fines over failure to settle a payment for a tug boat.

This ruling came in a trial regarding MPL's failure to pay Center Enterprises for a tug boat which was ordered for MVR13 million.

Out of the MVR160 million fine, MVR138.9 million is the interest racked up for the time passed without payment. A further 6.3 million is due for surcharges, and a GST charge of 800,000 was included into the overall fine as well.

Center Enterprises had originally sought MVR293 million.

The fine had risen to such an extent because the invoice sent by Center Enterprises to MPL had read that a 2% fine will be charged for every day of delayed payment.