Ali Mauroof a director of Sun Siyam company has stated that the businessman mortgaged all his properties to receive a sovereign guarantee from the government of Maldives to obtain a loan from a Chinese bank.
Speaking at a debate organized by the Public Service Media, Ali Mauroof said that Siyam mortgaged all his properties and also gave 10 million dollars as collateral.
Sun Siyam is the only private individual which the government of Maldives provided a sovereign guarantee in the last 5 years.
It is not common for the government to provide sovereign guarantees to private businesses. Another prominent businessman who received a sovereign guarantee from the government is Qasim Ibrahim, the founder and chairman of Villa group of companies.
