Villa: There is no money in the company account because of the financial situation

Executive Director of Finance of Villa Group, Shimaad Ibrahim has said that there is no money in the company accounts, not because the money has been withdrawn but due to the company’s financial situation.

Talking to Sun Media, Shimaad said that there is no connection between the empty accounts and the decision to freeze the company’s accounts. Responding to the rumors about Villa Group conducting all their transactions with cash after possibility of their accounts being frozen, Shimaad said that the company has been conduction their transactions same as before. And there has been no letter from Maldives Inland Revenue Authority (MIRA) since the previous one.

An official from the Maldives Inland Revenue Authority told Sun Media that MIRA is working to claim the money they are owed by 20 different island owners which include eight islands which are currently in operation and 12 islands that are being developed. But the official did not confirm or deny if any actions were being taken against them.

MIRA is capable of great steps under the Enforcement Policy which includes bringing a halt to services from state institutes along with Immigration services and holding cargo at customs. And MIRA can file charges if those steps prove ineffective.

“The same policy would be used against all 20 islands, MIRA would take any steps necessary.” The MIRA official said.