Concern over investor confidence after appeals court approves seizure of Villa properties
The high court has ruled the government’s seizure of two lagoons leased to Gasim Ibrahim’s Villa Group lawful in a verdict that critics claim was politically motivated and would affect investor confidence in the Maldives.
01 Dec 2016, 9:00 AM
The high court has ruled the government’s seizure of two lagoons leased to Gasim Ibrahim’s Villa Group lawful in a verdict that critics claim was politically motivated and would affect investor confidence in the Maldives.
The ruling on Tuesday overturned an earlier civil court decision and comes after Gasim, the leader of the Jumhooree Party, threw his support behind former President Maumoon Abdul Gayoom.
Gayoom had withdrawn support from his half-brother, President Abdulla Yameen, accusing him of authoritarianism.
The difference in rulings issued by the civil and high court over the seizure of Villa’s properties have mirrored changes in Gasim’s support for Yameen.
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