MMA notifies banks to freeze Villa Shipping accounts

Maldives Monetary Authority (MMA) has notified banks to freeze the accounts of Villa Shipping.

Sources have told Sun Online that MMA notified to freeze accounts of several companies today, but details of this were unavailable at the time of publication.

Both MMA and Maldives Inland Revenue Authority (MIRA) have declined to comment.

MIRA warned earlier that accounts of 20 companies would be frozen, for defaulting on tax payments.

There was, however, no money in the accounts of Villa Shipping that were frozen today.

Executive Director Finance of Villa Group, Shimad Ibrahim, said that the empty accounts and the freezing of the accounts were unrelated.

Villa Group owes a large sum to the government following the termination by the Ministry of Tourism, of its agreement with Villa Group regarding Thaa Elaa, Gaafu Dhaalu Gazeera, Raa Maanenfushi, Kadhdhoo City Hotel, and Hanimaadhoo City Hotel projects.