Local millionaire، Villa group honcho Qasim Ibrahim decides to sell off his Royal Island Resort to generate finance in order to repay the debt owed to the state.
Mr. Qasim Ibrahim is attempting to transact the sales of his Royal Island Resort at a price of $100 million (MVR 1.5 billion).
While he is prepping up to sell off the 152 room resort، Qasim owned or shareholder companies and its subsidiaries have a whopping total of $127 million to be settled with the tax authority.
Qasim had responded to some of the local medias about his decision to sell the resort، stating he came up to decision because he has “no other option left.” In addition to this، he also stated that he will be proceeding with the transaction of several other of his properties or belongings in order to repay the debt he owes the state.
Though MIRA (Maldives Inland Revenue Authority) had initially frozen several Qasim’s bank accounts in order to coerce a settlement، the accounts were released upon revelation of null depository in his accounts.
Earlier Qasim Ibrahim had denied the allegations of fines and charges that he is subjected to pay to the state، however he had since changed the tone and said he will settle the debt in installment basis.
According to several reports and inside sources، most of the employees under Qasim owned companies have not received their Ramadan bonus of the year، while employees have not received bonuses or service charges on the pretext of paying up the fine settlement. However، Qasim had not initiated paying his debt.