The Civil Court, on Sunday, ordered Airport Investment Maldives (AIMS) to pay USD 3.3 million to World Link Travels (WLT).
The verdict pertains to AIM's denial to handover three islands that were contracted to WLT in 2007 under a resort development project.
WLT, of which Villa Group is a shareholder, initially submitted its appeal to the Supreme Court, seeking compensatory payment of USD 112 million and the return of USD 16.9 million which was paid by the company to AIMS as an advance.
In March 2019, the Supreme Court ordered AIMS to more than USD 13 million in finance cost to WLT. The apex court also backed the order issued by the Civil Court and the High Court which stipulated the return of USD 16.9 million to WLT.
Despite this, the court stated that there was insufficient evidence for the settlement of a figure higher than USD 13 million to WLT, which was incurred in travel cost and as opportunity cost.
The Civil Court's recent verdict allotted AIMS a one-month period to pay USD 1.9 million that remains pending from the advance payment collected from WLT as well as USD 1.4 million that remains pending from the finance cost.
AIMS is a joint venture formed by Maldivian, the Maldives Transport and Contracting Company (MTCC) and Maldives Airports Company Limited (MACL),
Ownership of the five islands previously leased to Villa Group's owner, Qasim Ibrahim, were withdrawn from him in connection to the WLT matter in 2015. However, in 2018 the Supreme Court ordered the return of the islands, stating that the government's action had violated the law.
Sign In
