A Singaporean arbitration tribunal has ordered the Maldivian government to pay approximately USD 250 million in compensation to Indian company GMR over termination of contract to run Ibrahim Nasir International Airport (INIA).
Singapore International Arbitration Centre has ruled that the Maldivian government should pay USD 208 million in damages to GMR Group and after adding the interest it should pay a total of approximately USD 250 million, Maldives Attorney General Mohamed Anil was quoted as saying by the Sun Online.
In a press conference held at President's Office today, Anil said that the tribunal had made its decision and released its report on October 25. The report was shared with Maldivian government last night, he said.
Also Read
GMR had asked for USD 1.4 billion in compensation.
Maldivian government terminated its contract with GMR on November 27, 2016, during Mohamed Waheed's presidency after an audit regarding the contract's monetary, legal and national security implications.
Anil said the audit uncovered conflicts of interest and violations of the rights of government and Maldives Airports Company Limited (MACL) arising from unseemly reliance on GMR.
Anil said the amount of compensation was USD 800 million less than which was estimated by the opposition, falling closer to USD 300 million estimated by President Abdulla Yameen Abdul Gayoom, the report said.
(Reopens FGN 37)
"The Government of Maldives is committed towards honouring the arbitration decision. The Government and MACL has initiated dialogue with GMR on this and the modalities of payment will be worked out accordingly," Maldives Ambassador to India Ahmed Mohamed said in New Dehi.
