Hyderabad: The GMR Group, which had to exit the Male airport project, today said a tribunal has declared the Maldivian government and the nation's airport agency "jointly and severally liable in damages" to the company for loss caused by the wrongful repudiation of the agreement.
GMR Male International Airport Ltd (GMIAL), a unit of GMR Infrastructure, had entered into a concession agreement with the government of Maldives and Maldives Airport Co for modernisation and operation of Ibrahim Nasir International Airport in 2010.
The contract was unilaterally terminated by the Maldives government, which initiated arbitration proceedings on November 29, 2012, seeking a declaration that the concession agreement was void ab initio, GMR said in a statement today.
"Government of Maldives and Maldives Airport Co. Ltd are jointly and severely liable in damages to GMIAL for loss caused by wrongful repudiation of the agreement as per the concession agreement," GMR Infrastructure said in the filing, citing the arbitration awarded by Rt Hon Lord Hoffman's Tribunal.
19/06/14 PTI/Business Standard
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GMR Male International Airport Ltd (GMIAL), a unit of GMR Infrastructure, had entered into a concession agreement with the government of Maldives and Maldives Airport Co for modernisation and operation of Ibrahim Nasir International Airport in 2010.
The contract was unilaterally terminated by the Maldives government, which initiated arbitration proceedings on November 29, 2012, seeking a declaration that the concession agreement was void ab initio, GMR said in a statement today.
"Government of Maldives and Maldives Airport Co. Ltd are jointly and severely liable in damages to GMIAL for loss caused by wrongful repudiation of the agreement as per the concession agreement," GMR Infrastructure said in the filing, citing the arbitration awarded by Rt Hon Lord Hoffman's Tribunal.
19/06/14 PTI/Business Standard
