Fenaka Corporation has cancelled the hearing on Tuesday for its case against Sharu Launch Services, a speed boat transfer provider, to acquire MVR 17 million in compensation. 

The hearing was scheduled for 11:30 am and was cancelled at the behest of the claimant, Fenaka Corporation, an official from the Civil Court said. 

Fenaka Corporation’s Managing Director Ahmed Shareef said that Sharu Launch Services had proposed to pay the sum in instalments before the year 2030. 

Shareef said that the Corporation had refused this proposal and counter-proposed that Sharu Launch Services make the payment in three cheques – which was denied by the company.  

The hearing has moved beyond the exchange phase and Tuesday’s hearing was to be the first. 

Shareef further said that Sharu Launch Services has been attempting to stall proceedings as well.

The case surfaced after three cheques, for US dollars, bounced. The cheques were issued as part of a currency exchange transaction where Fenaka had sought to purchase USD 200,000 after having paid Sharu Launch Services a sum of MVR 3 million. 

While the cheques bore a guarantee from the Mauritius Bank, Shareef said that it has involved third-party auditors to determine the extent of the damage the matter has caused to Fenaka and to determine if any other companies or individuals are liable.