Tribunal rules against Axis Bank in airport dispute
22 Jun 2015, 10:17 PM
A Singaporean arbitration tribunal has ruled that the Maldivian government does not have to pay US$160 million loaned by the India’s Axis Bank for airport development in 2011, Minivan News has learned.
The Axis Bank sought repayment of the loan after the government abruptly took over the airport from Indian developer GMR in December 2012.
The bank said the government had guaranteed the loan issued to GMR and was liable in the event of an early termination or an expropriation of the airport.
After concluding hearings in March, the tribunal ruled on Friday that neither the government nor the state-owned Maldives Airports Company Limited (MACL) was responsible for the loan.
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