State guarantee for GMR to obtain bank loans had no limits: Attorney General
20 Dec 2012, 7:01 PM
Luke Powell
Attorney General (AG) Azima Shukoor has claimed that a loan guarantee provided by the former government to infrastructure group GMR would have allowed the company to obtain finance without limitation.
According to local media, the attorney general has alleged that such a loan agreement would have contravened the country’s financial regulations unless approved by parliament at the time.
However, her claims have been dismissed by former Attorney General Ahmed Ali Sawad, who claimed that the agreement was conducted within state laws. Sawad helped oversee the agreement between GMR and former President Mohamed Nasheed’s government back in 2010.
GMR’s concession agreement was terminated by the Maldives government late last month after it decided – citing legal advice – that the sovereign contract was invalid from the outset.
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
