Business
Rihiveli island to reopen while previous French operator appeal the case at the High Court of Maldives.
The local resort island operated under the name of “Rihiveli The Dream” is set to reopen under a new operator while the civil court’s verdict to annul the original agreement between the owner Mahal Tours Pvt Ltd and the French operator Save The Dream Pvt Ltd is being appealed at the High Court of Maldives.
According to “Avas” news, a new business name of “Rihiveli Resort Maldives” was registered at the Economic Ministry on the 05th of October 2021 and the resort island is set to re-open on the 15th of November 2021. The new operators are reported to be BEACHX PVT LTD, co-owned by North Fuvahmulah constituency MP Mohamed Rasheed.
BEACHX PVT LTD has also applied for the relevant permits from the Tourism Ministry to reopen and resume operations of the resort island.
Save The Dream Pvt Ltd was operating the “Rihiveli The Dream” under a sublease agreement with the Mahal Tours Pvt Ltd who has maintained ownership of the island since 1979. However, Save The Dream Pvt Ltd was served with a notice, nullifying the sub-lease agreement with the Mahal Tours with the Civil Court passing a verdict stating that the notice of annulment served by the Mahal Tours was legitimate and that no personnel may reside on the island without the consent of the owners of the Mahal Tours Pvt Ltd.
“Avas” reported citing Mahal Tours Pvt Ltd that Save the Dream Pvt Ltd had failed to pay the headlease and the sublease of the island, amounting to $1,000,000.00 and $323,188.00 respectively. Based on these allegations and the verdict by the Civil Court of Maldives, the Tourism Ministry has also revoked the permit given to Save the Dream Pvt Ltd to operate resort islands in the Maldives.
However, the company has since then on 06th September 2021 appealed the verdict by the Civil Court at the High Court of Maldives. They have appealed to nullify the verdict by the Civil Court and to postpone the implementation of the verdict by the Civil Court.
This is the second such case against Mahal Tours, who faced a similar lawsuit by Castaway Maldives Pvt Ltd. Castaway Maldives Pvt Ltd signed a sublease agreement with Mahal Tours Pvt Ltd in 2014 but was served with a notice of annulment of the agreement on 02nd January 2018. Save The Dream Pvt Ltd became the resort’s operator on 15th February 2018 with the agreement set to stand till 2042.
Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.
Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.
This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.
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