Civil Court has cancelled the hearing regarding the compensation for Dheebaajaa Investment Pvt Ltd scheduled for Wednesday afternoon.

The court cancelled the hearing, set for 11:40 am on Wednesday morning, without disclosing any specific reason why.

Currently, the settlement committee of the President's Office is negotiating on behalf of the state with the company regarding the compensation amount.

The last hearing of the case was held on November 19th last year where the attorney general's office was given the opportunity to pay a portion of the compensation amount, of MVR 58 million, to the company within three days.

The Supreme Court ordered the state to compensate the company MVR 348.10 million for violating an agreement with Dheebaajaa in April last year.

Following the announcement of the verdict, many parliamentarians and members of the public expressed their concerns with the court's decision.

As such, the state and Dheebaajaa have agreed to lower the compensation amount by half to MVR174 million, which both the president's office and the attorney general's office claimed was a much better option.

Nevertheless, whether the state has paid off its debt to Dheebaajaa or not is yet to be confirmed.

The state incurred the MVR 348.10 million debt as compensation for loss when former President Waheed's regime voided the agreement made between Dheebaajaa and the state regarding the establishment of ferry services between four atolls of the northern province. Dheebaajaa Investment Pvt Ltd is a joint-venture company by Resonance Pvt Ltd and Souvenir Investment Pvt Ltd.