Opposition calls for no-confidence motion against Economic Minister over ADC
15 Dec 2011, 7:46 PM
The opposition has announced it will forward a no-confidence motion against Minister of Economic Development, Mahmoud Razee, for handing the airport to Indian infrastructure giant GMR.
The Civil Court last week ruled against GMR in a case filed by the Dhivehi Qaumee Party (DQP), challenging its right to collect a US$25 (Rf385.5) Airport Development Charge (ADC) and US$2 (Rf30.8) Insurance Charge from January 2012.
The DQP had claimed that a pre-existing Airport Service Charge (ASC) of US$18 (Rf277.56) invalidates the ADC, which was specified in the concession agreement signed with the government last year.
GMR shares on the Mumbai stock exchange fell 7.57 percent on the day of Civil Court ruling, which could potentially leave GMR facing an annual US$25 million shortfall, India’s Economic Times reported.
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