Connect with us

Business

Rihiveli island to reopen while previous French operator appeal the case at the High Court of Maldives.

MNN

Published

on

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.

Business

Rihiveli Island reopens under new management while dispute case continues at High Court of Maldives.

MNN

Published

on

By

The Rihiveli island has reopened under a new management while a dispute case over its ownership is ongoing at the High Court.

Rebranded as the “Rihiveli Maldives Resort”, the island welcomed its first guest last Friday after undergoing several renovation projects since its previous management, Save the Dream Pvt Ltd was removed by the owner, Mahaal tours Pvt Ltd.

According to the legal representatives of Save the Dream Maldives Pvt Ltd, a director of Mahaal Tours had embezzled money meant for Save the Dream Maldives Pvt Ltd. They state that except for Mohamed SHiam and Ali Shiham, the rest of the Board of Directors have confirmed by written letter that Mohamed Shiham is not the Managing Director and that the termination of the sub-lease agreement between Mahaal Tours Pvt Ltd and Save the Dream Maldives Pvt Ltd was not legitimate.

They also accuse Director Ali Shiham of embezzling $50,000.00 by funneling $550,000.00 meant for Save the Dream Maldives Pvt Ltd through his Blue Ciel Pvt Ltd, with the beneficiary receiving only $500,000.00.

The legal representatives also note that Mahaal Tours had previously even engaged in sub-lease fraud, referring to Antrac Pvt Ltd vs Mahaal Tours Pvt Ltd. The case has also drawn significant political attention as a Parliamentarian is among the Directors of the new operator.

While the High Court of Maldives is yet to schedule the next hearing, they have confirmed that they would be passing a verdict at the next hearing.

Continue Reading

Business

Italy imposes antitrust fines on Apple, Google

Avatar

Published

on

By

The Italian competition authority fined Apple and Google $11 million each for violations of the consumer code, including failing to provide enough information to customers.

Italy’s antitrust watchdog imposed 20 million euros ($22.5 million) in fines on Apple and Google on Friday, the second time the regulator has sanctioned US tech giants this week.

European countries have cracked down on the business practices of Big Tech in recent years, while the EU is moving forward with legislation to tighten regulation.

The Italian competition authority said it fined Apple and Google 10 million euros ($11 million) each for violations of the consumer code, including failing to provide enough information to customers and resorting to “aggressive methods” in the use of their data for commercial ends.

“Neither Apple nor Google provided clear and immediate information on the acquisition and use of user data for commercial ends,” the statement said.

The regulator imposed a 200-million-euro ( $225 million) fine on Apple and e-commerce giant Amazon earlier this week for restricting access for certain sellers of Apple products on Amazon.

Meanwhile, European Union member states on Thursday agreed their common position on two landmark legislations that could set unprecedented oversight on Big Tech.

READ MORE: Google to pay German media for online content under ”milestone” deal

Regulating big tech companies

The European Union’s second-highest court has previously upheld a $2.8-billion (2.4-billion-euro) fine on Google by anti-trust authorities in Brussels for search engine dominance.

Lost month’s decision was considered a major win for the bloc’s competition chief Margrethe Vestager in the first of three court rulings that will strengthen the EU’s push to regulate big tech.

The court said the commission correctly found that Google’s practices harmed competition on comparison shopping service and swatted away the company’s argument that the presence of merchant platforms showed there was strong competition.

Source: TRTWorld and agencies

Continue Reading

Business

New coronavirus variant Omicron triggers market sell-off

Avatar

Published

on

By

New concerns over the variant pummelled financial markets, especially stocks of airlines and others in the travel sector, and oil, which tumbled by about $10 a barrel.

The discovery of a new coronavirus variant named Omicron has triggered global alarm as countries rushed to suspend travel from southern Africa and stock markets on both sides of the Atlantic suffered their biggest falls in more than a year.

The World Health Organisation (WHO) said on Friday Omicron may spread more quickly than other forms, and preliminary evidence suggested there is an increased risk of reinfection.

Those worries pummelled financial markets, especially stocks of airlines and others in the travel sector, and oil, which tumbled by about $10 a barrel.

The Dow Jones Industrial Average closed down 2.5 percent, its worst day since late October 2020, and European stocks had their worst day in 17 months.

Cruise operators Carnival Corp, Royal Caribbean Cruises and Norwegian Cruise Line plunged more than 10 percent each, while shares in United Airlines, Delta Air Lines and American Airlines slumped almost as much.

READ MORE: Global remittances to drop 20 percent amid coronavirus – World Bank

Too late for travel curbs?

Epidemiologists warned travel curbs may be too late to stop Omicron from circulating globally.

The new mutations were first discovered in South Africa and have since been detected in Belgium, Botswana, Israel and Hong Kong.

The United States will restrict travel from South Africa and neighbouring countries effective Monday, a senior Biden administration official said.

Going further, Canada said it was closing its borders to those countries, following bans on flights announced by Britain, the European Union and others.

But it could take weeks for scientists to fully understand the variant’s mutations and whether existing vaccines and treatments are effective against it. Omicron is the fifth variant of concern designated by the WHO.

The variant has a spike protein that is dramatically different than the one in the original coronavirus that vaccines are based on, the UK Health Security Agency said, raising fears about how current vaccines will fare.

Scientists issued similar warnings.

“This new variant of the Covid-19 virus is very worrying. It is the most heavily mutated version of the virus we have seen to date,” said Lawrence Young, a virologist at Britain’s University of Warwick.

“Some of the mutations that are similar to changes we’ve seen in other variants of concern are associated with enhanced transmissibility and with partial resistance to immunity induced by vaccination or natural infection.”

Several other countries including India, Japan, Israel, Turkey, Switzerland and the United Arab Emirates also toughened travel curbs.

Source: TRTWorld and agencies

Continue Reading

Trending