Housing Development Cooperation (HDC) has granted time for the victims of the SeaLife scam who did not pursue court cases, to provide their information to HDC.
A statement released by HDC said they are in the process of reimbursing the victims of the scam as per the out-of-court settlement reached between the parties, and requested those whose information had not been provided to HDC to share their details with the corporation before 26th September, along with the original agreement with Sea Life, payment receipt and ID card.
In the initial phase of the project, Sea Life Global took a booking fee of MVR 50,000 from 280 interested buyers, for the projected 300 apartments in the building, which adds up to approximately MVR 14 million. However, work on the project was never started and the company did not reimburse the individuals their down payments. A lawsuit was subsequently filed against Sealife Global and HDC by the victims of the scam. However, an out-of-court settlement agreement was reached where HDC offered to reimburse the clients and pay damages.
An out of court settlement agreement was reached due to HDC being included in the lawsuit. The settlement agreement was reached after discussion between the government, HDC and the victims of Sealife Global. Under the agreement, HDC will reimburse the victims an amount equal to what they paid to SeaLife Global, and provide housing units under the government's housing scheme as a compensation for the damages caused.
