General Legal Politics

Jumhoory Party leader’s company accounts frozen over island seizure

Jumhoory Party leader Qasim Ibrahim; the bank accounts of the wealthy tycoon's Villa Shipping and Trading Company have been frozen. PHOTO/MIHAARU

The bank accounts of Villa Shipping and Trading, a subsidiary of opposition Jumhoory Party leader Qasim Ibrahim’s Villa Group, have been frozen.

This development comes amidst an impending motion of no confidence against parliamentary speaker Abdulla Maseeh initiated by opposition political parties including Jumhoory Party. Notably, Qasim Ibrahim had predicted two days prior that a misfortune seemed imminent upon his company.

He had said that “the accounts might be frozen over Villa’s USD 100 million case”, referring to the five islands that were leased to Villa for which the company has been ordered to pay USD 100 million as lease and penalty fees. Qasim had also expressed concern that such a development might halt the salaries of Villa’s workforce which numbers around 5,000.

A senior official of Villa stated late Wednesday that the frozen accounts were brought to their attention after Immigration services for the company suddenly stopped. The company had contacted Maldives Inland Revenue Authority (MIRA) which officially informed Villa Shipping via email at 9:30 p.m. that the company’s bank accounts have been frozen.

Full details are available from the link below:

Source URL: Mihaaru-News

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