Villa Company's Vaaveddhifalhu sold for US$350mln

Kaafu Vaaveddhifalhu, a lagoon under the lease of Jumhooree Party leader Qasim Ibrahim's Villa Company, has been sold for US$350 million.

The lagoon's ownership was transferred to Waldorf Astoria Ithaafushi. The transfer agreement was signed by a co-owner of the Waldorf company Mohamed Ali Janah while Qasim's son, Ibrahim Siyad Qasim, signed the document on behalf of Villa Company.

The Anti-Corruption Commission (ACC) had previously issued an order to halt the lagoon's sale. This directive came as the ACC was actively investigating a case involving the lagoon. However, the lagoon's sale has now proceeded following the ACC's rescission of the order.