State Bank of India (SBI) on Tuesday lost the final appeal after Maldives' Supreme Court held the bank liable for MVR18 million missing from the account of local company Sheesha.
The three brothers who own the motorcycle importing company filed a joint suit in 2011 alleging that the money was withdrawn from two cheques bearing a forged signature.
Civil Court had ruled that SBI had to pay the brothers MVR13.5 million outstanding from the total MVR18 million which had been backed by the High Court.
The Supreme Court on Tuesday found no grounds to overturn the verdict which means SBI have now exhausted the appeal process.
