Government will honor arbitration verdict, says attorney general
19 Jun 2014, 5:39 PM
Zaheena Rasheed
President Abdulla Yameen’s administration will honor a Singaporean tribunal’s ruling on compensation owed to Indian infrastructure GMR for the terminated airport development deal in order to uphold investor confidence, Attorney General Mohamed Anil said.
The Rt Hon Lord Hoffman’s Tribunal on Wednesday found the contract termination to be wrongful and ordered the Maldives government and Maldives Airports Company Pvt Ltd (MACL) to compensate GMR for losses.
The exact figure is to be set in the next phase of arbitration.
Speaking to reporters this morning, Anil said he is certain the figure will not amount to GMR’s initial claim of US$ 1.4 billion – the figure eclipses the country’s annual budget.
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