Employees of Villa Air and Villa Resorts say their May salaries have not been paid as the Villa group faces a deepening financial crisis, with delays reported for the past two to three months. Chairman Qasim Ibrahim said the company's finances were hit by the COVID-19 pandemic and that Villa Air was on the verge of suspending operations, while the ACC halted the group's US$20 million sale of the Vaavedhi Faru lagoon.
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Villa made the decision to sell Vaavedhi Faru, a lagoon located in the Kaafu Atoll, for a sum of US$20 million.
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Multiple sources confirmed that salary payments for the past two to three months have been consistently delayed, deviating from the company’s usual practice of disbursing salaries before the 10th of each month.
Word for word from the report in Maldives Republic. Open the report