Sharu Launch Services ordered to pay MVR 3 mln to STELCO
The Civil Court has ordered Sharu Launch Services to pay the amount in full within a period of thirty days
The STELCO's headquarters in capital city Malé
The Civil Court has ordered Sharu Launch Services to pay damages of MVR 3 million to the state-operated STELCO (State Electric Company).
STELCO had paid Sharu Launch Services a sum of just over 3 million (3,084,000) to acquire USD 200,000. The company had failed to both complete the agreed service and repay the amount.
Legal representatives of STELCO had said in court that the company’s cheque for the aforementioned amount had bounced, and asked the judge to rule that the amount be paid in full.
The Civil Court has ordered Sharu Launch Services to pay the amount in full within a period of thirty days.
The Anti-Corruption Commission has also begun investigating the case. The company has also been incriminated in a similar case for MVR 17 million with the state-operated FENAKA Corporation.
