Villa sells $20m lagoon to Waldorf Astoria Maldives' Qatari owner
The Qatari company has already paid the purchase price, it is learnt.
Villa Group, owned by Jumhooree Party (JP) leader and presidential candidate Gasim Ibrahim, has sold the lease on their Vaareddhoo lagoon in Kaafu Atoll to a Qatari businessman who holds leasehold rights to K. Waldorf Astoria Maldives Ithaafushi resort.
Although it was previously reported in all the media outlets that Villa was trying to sell K. Vaaveddhi lagoon, Atoll Times has confirmed from multiple sources that the company sold K. Vaareddhoo lagoon.
A reliable source confirmed to Atoll Times on Thursday that the Asset Group of Ramez Al Khayyat bought the lagoon's leasehold rights for $20 million (MVR 350 million).
The sale and purchase agreement was signed by:
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Mohamed Ali Janah, the Maldivian business partner of the Qatari businessman with connections to the oil rich Gulf nation's royal family
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Villa Group's Managing Director, Gasim's son Ibrahim Siyad Gasim
The Qatari company has already paid the purchase price, it is learnt.
Anti-Corruption Commission (ACC) had in early June asked the tourism ministry to halt the sale of K. Vaareddhoo lagoon, which Villa received in January as part of a compensation package mandated by the Supreme Court for previous lease terminations, after an individual filed a complaint with the ACC within the public complaint window the ministry usually gives when it receives lease transfer requests.
However, the corruption watchdog held an emergency meeting in mid-July and retracted its previous directive.
Speaking at a meeting held at the JP headquarters at M. Kunooz Wednesday evening to release Gasim's manifesto for the September 9 presidential election, Gasim said he needed a substantial amount of funds for his campaign.
Elections Commission has capped campaign expenses for each candidate at MVR 564 million.
