Bangalore-based infrastructure company GMRBSE 0.39 % said on Friday that it will not change its compensation claim of $1.4 billion from the Maldivian government over the termination of a contract to develop and operate the Male International Airport.
GMR's statement came after Maldivian media quoted President Yameen Abdul Gayyoom as saying that the island nation will try to reduce the compensation amount to GMR.
"We believe that the government will have to pay compensation to GMR at any cost," President Gayoom was quoted by Maldivian news portal 'Haveeru Online'. "We're trying to get the sum that we have to pay lowered- we're trying to get it reduced to a more plausible sum."
GMR and the Maldivian government are currently in arbitration before the Singapore Court of Appeal. The Bangalore-based company's contract was unilaterally scrapped by the then Maldivian government headed by President Mohammed Waheed whose government alleged irregularities in the bidding process which GMR had won.
25/04/14 Debabrata Das/Economic Times
To Read the News in full at Source, Click the Headline
GMR's statement came after Maldivian media quoted President Yameen Abdul Gayyoom as saying that the island nation will try to reduce the compensation amount to GMR.
"We believe that the government will have to pay compensation to GMR at any cost," President Gayoom was quoted by Maldivian news portal 'Haveeru Online'. "We're trying to get the sum that we have to pay lowered- we're trying to get it reduced to a more plausible sum."
GMR and the Maldivian government are currently in arbitration before the Singapore Court of Appeal. The Bangalore-based company's contract was unilaterally scrapped by the then Maldivian government headed by President Mohammed Waheed whose government alleged irregularities in the bidding process which GMR had won.
25/04/14 Debabrata Das/Economic Times
