The Edition


State pays MVR 130 million to Villa Group's WLT

Mariyam Malsa
09 July 2019, MVT 21:50
President Ibrahim Mohamed Solih and Qasim Ibrahim, the founder of Villa Group. PHOTO: JUMHOOREE PARTY
Mariyam Malsa
09 July 2019, MVT 21:50

Attorney General's Office, on Monday, stated that the government paid MVR 130 million to World Link Travels (WLT) in compensation for the state's refusal to hand over islands to the company for resort development as per a previous agreement.

President Ibrahim Mohamed Solih announced last week that the government had agreed on the payment of USD 5.6 million during discussions held outside of court.

Communications Director at Attorney General's Office Hussain Hassan stated that the government's payment of MVR 130 million was the amount excluding tax from an overall figure of USD 15 million.

WLT, of which Villa Group is a shareholder, submitted its appeal over denial of access to three islands that were contracted to it by Airport Investment Maldives (AIMS) in 2007 under a resort development project. AIMS was collectively formed by several government institutions.

WLT initially demanded a compensatory payment of USD 112 million and the return of USD 16.9 million which was paid by the company as an advance.

The Supreme Court ordered AIMS and the government to make the settlement to WLT on March 28.