Saturday, June 22, 2013

GMR seeks USD 1.4 billion in damages from Maldives

Singapore: Indian infrastructure major GMR today sought a compensation of USD 1.4 billion from Maldives for the "wrongful termination" of its 25-year contract to develop and operate the Male International Airport.
The claim was today filed before an Arbitration Court here and a final order in the matter is likely to come out by end of March next year.
According to sources, the papers for the claim runs into 75 pages besides various annexures and attachments.
The figure of USD 1.4 billion was reached after taking into account loss of profit, payments made to subcontractors besides others.
Sources said the arbitration process will go on and the Maldivian government along with the Maldivian Airport Company Limited, both parties in the suit, will give their responses.
21/06/13 Economic Times
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