Maldives announced on Tuesday Maldives' cabinet has recommended termination of a contract given by the previous regime to GMR Group for developing Ibrahim Nasir International Airport (INIA) at Male.
GMR Group said the Maldivian government's decision to scrap the airport development contract awarded to it as 'irrational and unlawful'.
Reacting to the decision, GMR said, ''In a unilateral and completely irrational move the Government of Maldives has issued a notice to the GMR Male International Airport (GMIAL) intending to take over the possession and control of the Ibrahim Nassir International Airport (INIA) under the pretext that the agreement is void.''
The company said that this unlawful and premature notice on the pretext that the Concession Agreement is void is completely devoid of any locus standi and is therefore being challenged by the company before the competent forums.
''We would also like to inform all that this action by the GoM is in complete disregard of and has been done during the pendency of arbitration proceedings in the designated tribunal in Singapore,'' GMR said.
29/11/12 MyIris
