Local TV channel VMedia is on the verge of a possible closure, says its managing act Island Broadcasting company.
A circular released by Island Broadcasting on Tuesday claimed its parent company Villa Group is currently facing a completely stoppage on its cashflow and income. The parent company is strongly reliant on receipts from tourism industry, which is currently on a standstill.
Maldives government have imposed a border closure restricting international arrivals completely as the Covid-19 pandemic continues its spread in the island nation.
Island Broadcasting warned the TV station is facing near possibility of a complete shutdown on all of its operations. The managing act further bemoaned hitting road blocks in its attempts to generate income amid persisting economic regression.
The TV broadcaster had apologized from its employees noting of the impending decision.
In its circular Island Broadcasting noted significant salary deductions for May and June, with each of its employees subjected to receive just MVR2,222.
Island Broadcasting further commented its decision for temporary shutdown will not affect on the already decided salary with mentioned deductions, including Ramadan allowance.
Local media outlets are experiencing major blows amid ongoing economic crisis as the country struggles to prop up major economic components despite inactivity.
