Airport’s 2014 refurbishment was 25 percent complete prior to GMR’s termination: Auditor General’s Special Audit
27 Apr 2013, 4:39 PM
The government has released a Special Audit by the Auditor General (AG) into the former government’s concession agreement with Indian infrastructure giant GMR, ahead of upcoming arbitration proceedings.
The two parties agreed to commence arbitration proceedings in mid-2014, following a preliminary meeting in London on April 10 this year.
GMR is seeking US$800 million in compensation for the sudden termination of its 25 year concession agreement, while the Maldivian government has contended it owes nothing as the contract was ‘void ab initio’, or invalid from the outset.
The AG’s report notes that Axis Bank is separately seeking repayment of US$160 million in loans to GMR, which were guaranteed by the Maldives’ Finance Ministry.
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