- A Singapore Tribunal has asked the Maldives Govt to pay GMR Infrastructure $ 4 million by way of costs within 42 days, in connection with the termination of a multi-million dollar project to modernize the Male International Airport after a change in the regime.
- GMR had disputed the termination in a arbitration court in Singapore and also sought a compensation of $1.4 billion as the Maldives govt had unilaterally terminated the contract besides initiating arbitrary proceeding seeking declarations that the agreement was void.
- According to the information submitted by GMR to the Bombay Stock Exchange, he Tribunal declared that the concession agreement was valid and binding and was not void for any mistake of law or discharged by frustration.
- The agreement to adjust the shortfall arising out of non-collection of the airport development charges (ADC) and insurance surcharge (IS) from the concession fee was lawful, and binding on MACL and the government of Maldives.
- Read at: http://www.thehindu.com/todays-paper/tp-business/gmr-gets-relief-in-male-international-airport-row/article6131899.ece
- GMR Infrastructure
- Bombay Stock Exchange