President predicts US$300 million compensation for GMR
27 Apr 2014, 4:34 PM
Lucy Lovell
The Maldivian government believes GMR is owed US$300 million in compensation for the premature termination of the contract to develop the Ibrahim Nasir International Airport (INIA) instead of the US$1.4 billion the company is seeking, President Abdulla Yameen Abdul Gayoom told reporters upon his return to Malé last night.
Speaking to press after returning from Singapore to attend the Maldives Investment Forum, President Yameen insisted that the arbitration proceedings over GMR’s compensation claim has not deterred investors.
The INIA development project was the most popular among attendees at the forum, he said.
“The biggest interest was for the airport,” Yameen said.
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