Local firm Sharu Launch Services Pvt Ltd has withdrawn its lawsuit against Mauritius Commercial Bank (MCB), seeking MVR 150 million as compensation for damages caused over the bank allegedly refusing to sell US Dollars to the company.
Sharu Launch claimed that it had paid Maldivian Rufiyaa to MCB in exchange for a large sum of dollars to sell to state utilities firms, State Electric Company (STELCO) and Fenaka Corporation. However, the company later sued MCB for MVR 150 million as compensation, saying that the bank had refused to release the dollars to Sharu Launch in the transaction.
The lawsuit was withdrawn from the Civil Court last Thursday ahead of the court’s verdict hearing in the case.
Meanwhile, the court has ordered Sharu Launch Services to return the full amounts paid by STELCO and Fenaka Corporation to the company. STELCO and Fenaka had paid MVR 3 million and MVR 17 million respectively to Sharu Launch Services to buy US Dollars, but never received the money.