GMR arbitration verdict to take up to two months
16 Apr 2014, 4:31 PM
Mariyath Mohamed
The government has confirmed that arbitration proceedings regarding the terminated GMR contract – expected to be concluded this week – may take up to two months to reach a verdict.
President Abdulla Yameen had recently stated that the government had failed to reach an out of court settlement with the Indian infrastructure giant, which is seeking US$1.4billion in compensation after the premature annulment of its 25-year concession agreement.
“But the thing is, the GMR is seeking a huge amount as compensation. This government, however, does not believe that we can – or indeed that we need to – pay such a large amount as compensation,” Yameen stated prior to his departure to Japan earlier this week.
“So their [GMR’s] decision now is to wait until the arbitration case is concluded. So we will carry on after the arbitration case is completed,” he continued.
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