Government, GMR appoint arbitrators in compensation case
03 Feb 2013, 7:45 PM
Arbitrators have been appointed to determine the amount of compensation payable by the Maldivian government to Indian infrastructure giant GMR, according to the Attorney General’s Office.
GMR signed a US$511 million 25-year concession agreement with the Nasheed government to manage and upgrade Ibrahim Nasir International Airport (INIA).
However in November 2012, the government of President Dr Mohamed Waheed Hassan Manik declared the developer’s concession agreement void and ordered it to leave the country within seven days.
A last minute injunction from the Singapore High Court during arbitration proceedings was overturned on December 6, after Singapore’s Chief Justice Sundaresh Menon declared that “the Maldives government has the power to do what it wants, including expropriating the airport.”
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