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High Court denies appeal for a stay of execution of the judgment in the Rihiveli case.

Adam Layaan Kurik Riza

Published

2 years ago

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The High Court has determined that it cannot issue a stay order preventing the sentence from being carried out until the High Court rules on the Civil Court’s decision that the sublease agreement issued to Save the Dream to operate Rihiveli Resort was legally annulled.

On August 31, the Civil Court ruled that Mahal Tours had properly cancelled the sublease agreement. Save the Dream filed an appeal with the High Court, and the High Court requested that the civil court’s ruling be stayed pending the result of the lawsuit.

The High Court made its decision on the temporary injunction yesterday, stating that filing an appeal will not prevent the lower court’s ruling from being carried out. The High Court stated that it was the burden of the person seeking to postpone the execution of the sentence to demonstrate to the court that the loss of the sentence would be greater than the harm caused by the postponement.

The High Court, on the other hand, stated that Save the Dream had not adequately described the situation to the court.

Despite the fact that Save the Dream is in the interest of the Rihiveli Resort sublease, the High Court recognized that the resort’s headlease was with Mahal Tours Private Limited. While the resort was subleased by the headlease of the resort, the court noted that questions have been raised about whether the rent had been paid to Mahal Tours.

Due to non-payment of rent, the island could be lost to the state, according to Mahal tours. So, even if the case was decided in either party’s favor, there would be no island to sublet. The Supreme Court considers the statement made by the Mahal Tours to be significant.

The statement of the High Court – “since there is a possibility that the rent has not been paid If an order is issued to delay the execution of the sentence as desired by the appellant, even if each party wins the case, the purpose of the sentence is likely to be not achieved.”

The conclusion, as a result, the High Court decided that it was not in the best interests of both parties to grant a stay order on the sentence’s execution. Save the Dream had requested the three judges presiding over the case at the High Court to grant an interim injunction delaying the execution of the sentence, but they unanimously decided not to do so.

The case was presided over by Judge Hassan Shafeeu, Judge Abdulla Hameed and Judge Ali Sameer. Mahal Tours has given over control of the resort to another party while the case is being reviewed in the High Court.

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Business

MIB signs an agreement to expedite business registration process

FI

Published

22 hours ago

on

04/05/2024

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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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Business

MTCC reports staggering 82.9% net profit drop

FI

Published

4 days ago

on

01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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Business

STO opens showroom in Hulhumale’

FI

Published

2 weeks ago

on

24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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