Maldives Inland Revenue Authority (MIRA) withdrew their lawsuit against Jumhoory Party leader Qasim Ibrahim’s Villa Group seeking over MVR 2 billion from the company.
The lawsuit stated that Villa had to pay over USD 166 million (MVR 2.5 billion) from six of their companies. In 2015, all the leased lagoons and islands to Villa were seized by the state in relation to this case.
MIRA had applied at the court to withdraw the case. In addition, MIRA has already granted clearance to release the frozen accounts of Villa.
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.