The Edition


Top court overturns verdict to freeze Villa accounts

Nafaahath Ibrahim
26 April 2018, MVT 11:03
An employee of Villa's Sun Island Resort serves tourists. PHOTO: HUSSAIN WAHEED/MIHAARU
Nafaahath Ibrahim
26 April 2018, MVT 11:03

After the Supreme Court’s rule in favor of Villa, the company’s accounts frozen by Maldives Inland Revenue Authority (MIRA) have been released.

While neither Villa nor MIRA made any comments on the issue, Mihaaru has come to know that the frozen accounts were released after MIRA granted clearance.

The company’s accounts were frozen after some of the agreements for islands leased to Villa Shipping were terminated in 2015, and the company failed to pay the demanded amount of over USD 100 million.

Villa had taken the case to the Civil Court and the initial verdict came in their favor. However, in 2017, the High Court had overturned that verdict, and ruled that the leased island agreements were terminated rightfully.

When Villa further appealed the case at the Supreme Court, the High Court’s verdict was overthrown on Wednesday and the top court ruled that the Civil Court’s initial ruling was correct.

Villa stated that since the SC’s verdict came in their favor, all the terminated agreements for the islands must be renewed.