location

GMR

Business & Tourism

No taxes owed by GMR from US$271m arbitration award

The arbitration ruling indemnified the Indian developer from any tax liabilities.

26 May 2019, 9:00 AM

Business & Tourism

Maldives tax authority seeks US$20m from GMR

The Indian firm says it is not liable for any taxes due to an arbitration payout over the cancellation of its airport development deal.

04 Jun 2018, 9:00 AM

Business & Tourism

Central bank defends bailing out government with GMR payout

The MMA confirmed to the Maldives Independent that it invested in a US$140 million government-guaranteed bond issued by the Maldives Airports Company Ltd on November 15, two days before the attorney general announced the payment of US$271 million in damages to the Indian infrastructure firm.

27 Nov 2016, 9:00 AM

Business & Tourism

Maldives pays US$271m in damages to India’s GMR

The government of the Maldives has paid US$271million in damages to Indian infrastructure firm, GMR, for the abrupt termination of a lucrative contract to develop and manage the country’s main airport.

17 Nov 2016, 9:00 AM

Business & Tourism

Yameen accused of ‘sullying GMR’s reputation’

Yameen had claimed that GMR only paid MVR16 million to the government a year whilst MACL generated MVR1 billion in the first year after taking over management of the Ibrahim Nasir International Airport in December 2012.

24 May 2016, 9:00 AM

Business & Tourism

Saudi Binladin Group awarded Maldives airport terminal project

A massive project to construct a new passenger terminal at the Ibrahim Nasir International Airport has been awarded to the Saudi Binladin Group for an undisclosed amount.

22 May 2016, 9:00 AM

Politics

Maldives’ pay out to GMR to include US$170million bank debt

The Maldives’ pay out to Indian infrastructure giant GMR is set to increase by hundreds of millions of dollars after a tribunal ruled Tuesday that the claim should include the company’s debt to a Singaporean bank.

25 Feb 2016, 9:00 AM

Politics

Former government officials escape prosecution over GMR dispute

Ex Finance Minister Ahmed Inaz, former Maldives Airports Company Ltd Chairman ‘Bandhu’ Ahmed Saleem, and former members of the MACL board of directors will not be charged over an alteration to a concession agreement with GMR that the anti-corruption watchdog claims cost the state millions in revenue.

08 Dec 2015, 9:00 AM

Politics

Tribunal rules against Axis Bank in airport dispute

22 Jun 2015, 10:17 PM

Politics

Maldives considered GMR buyout, but lacked funds

22 Apr 2015, 8:19 PM

Business & Tourism

Maldives blames GMR, Axis Bank for sanctions by India after airport takeover

16 Apr 2015, 10:25 PM

Politics

Maldives faces second crippling payout in airport dispute

15 Apr 2015, 7:00 PM

Business & Tourism

INIA capacity will increase threefold with new runway and terminal, says economic council

25 Feb 2015, 5:21 PM

Business & Tourism

Changi signs consultancy deal as MACL aims for 9.6 million passengers

01 Dec 2014, 2:46 PM

Politics

India denies having discussed New Silk Road initiative with China

08 Nov 2014, 2:48 PM

Business & Tourism

Government terminates Tatva waste management deal

22 Oct 2014, 8:10 PM

Business & Tourism

GMR surprised with decision to give airport development to Chinese firm

17 Sep 2014, 7:21 PM

Business & Tourism

GMR failed to conduct political risk assessment prior to investing, says President Yameen

06 Aug 2014, 5:05 PM

News In Brief

Government pays GMR US$ 4 million in arbitration fees

20 Jul 2014, 3:21 PM

Business & Tourism

Government seeks US$600 million from China and Japan for airport development

25 Jun 2014, 3:52 PM

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