Maanenfushi Raa Atoll

Maanenfushi Raa Atoll

An interesting resort to be developed with lots of interesting connections. The concept of the resort has been designed and published here: http://www.nemastudio.com/project.php?id=7&lin=en

Maanenfushi Resort is to include: 40 over-water and 35 beach front villas. The resort will feature 3 restaurants and an over-water wellness center linked by a bridge to the eastern tail of the island

The resort it appears from DO was obtained via bidding by proxy
and “Nasra Abdul Sattar, wife of Mazlan, a senior lawyer at Shuaib Shah & Co, owned by Golhaabo’s Bengali Prince. This was an open rent island and the 10 year rent proposed was a staggering US$22.3 million dollars for only 150 beds (75 rooms). To secure the island, 15% of the total 10 year rent which amounts to US$3.5 million dollars has already been paid sources say.”

In another developments there was a lawsuit against parties developing the resort which was reported in Haveeru News as “Civil court declares agreement over Maanenfara valid | DATE: 2007-09-17 | PRINT | BOOKMARK

MALE, September 17, 2007 (Haveeru News Service) — The civil court last week ruled that an agreement made between two individuals over the development of Raa atoll Maanenfara as a resort is valid.

In the court’s verdict passed last Wednesday, the court ordered the signatories to the agreement, Aminath Tharuneema and Nasra Abdul Sattar, to honor the agreement, and carry out construction of the resort as according to the terms set in the contract.

The case was filed by Tharuneema after Nasra wanted to declare the contract void. The contract was signed dated 3 September 2006.

The court ruled that Nasra should not hinder any works undertaken by Tharuneema as agreed in the contract. Tharuneema is the daughter of Maldives’ top business tycoon Qasim Ibrahim, who is also the Speaker of the powerful interim constitutional assembly, the People’s Special Majlis, tasked with amending the constitution by November 30 to help make way for Maldives to become the Islamic world’s first fully fledged liberal democracy. Qasim also holds the powerful post of finance and treasury minister, a post that creates conflict of interest according to some critics.

The contract between Qasim’s daughter and Nasra sets up a partnership agreement aimed at establishing a limited liability company to develop and run Maanenfara as a resort.

The majority stakes in the company — 92 percent of shares — are held by Tharuneema while the rest 7 percent stakes are held by Nasra.”

Raa Atoll Maanenfushi