Business Tourism

Medhufushi resort to pay USD2.6 million in fines

Medhufushi Island Resort

Medhufushi Island Resort

The Civil Court has ordered Medhufushi Investments to pay the state USD 2.6 million in fines for default of payment in Medhufushi Island Resort’s rent.

The court issued a verdict after Maldives Inland Revenue Authority (MIRA) sued Medhufushi Investments to recover the rent and accumulated fines for default in payments as per the lease agreement.

MIRA had initially claimed to recover USD 3.4 million in rent and fines, but later the authority asked the court to recover only the fine of USD 2.6 million.

The court’s verdict stated that Medhufushi Investments was liable to pay the fine of USD 2.6 million and that the fine should be paid within three months of the verdict.

Full details are available at the link below:

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