Despite winning a staggering USD271 million payout from the Maldives government in 2016, the company had filed a new claim for an additional USD15 million.
However, the Singapore based tribunal which had awarded the massive payout in 2016, had ruled against GMR on Friday, AVAS understands.
The dispute stems from a 25-year contract to modernize, expand and operate the Maldives’ main international airport that the government entered into with GMR Male International Airport Pvt. Ltd. in 2010.
The mega project worth over USD500 million was awarded to GMR during the tenure of former President Mohamed Nasheed, despite concerns by the then opposition.
Shortly after the controversial resignation of Nasheed, the government kicked out GMR and cancelled its lucrative contract to run the airport.
17/04/18 Avas Online
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However, the Singapore based tribunal which had awarded the massive payout in 2016, had ruled against GMR on Friday, AVAS understands.
The dispute stems from a 25-year contract to modernize, expand and operate the Maldives’ main international airport that the government entered into with GMR Male International Airport Pvt. Ltd. in 2010.
The mega project worth over USD500 million was awarded to GMR during the tenure of former President Mohamed Nasheed, despite concerns by the then opposition.
Shortly after the controversial resignation of Nasheed, the government kicked out GMR and cancelled its lucrative contract to run the airport.
17/04/18 Avas Online
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