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GMR wins arbitration against Maldives govt
GMR Male International Airport Limited (GMIAL), a subsidiary of GMR Infrastructure Limited, on Thursday announced that it has been awarded a compensation of approximately $ 270 million by the three-member international arbitral tribunal.
​Hyderabad: GMR Male International Airport Limited (GMIAL), a subsidiary of GMR Infrastructure Limited, on Thursday announced that it has been awarded a compensation of approximately $ 270 million by the three-member international arbitral tribunal.
The compensation covers the debt, equity invested in the project along with a return of 17 per cent and also termination payments and legal costs. The compensation is net of taxes that GMIAL may be required to pay in the Maldives, the company said in statement.
GMIAL had entered into a concession agreement with the Maldives government and Maldives Airport Company (MACL) in 2010 to modernise and operate the Ibrahim Nasir International Airport in the national capital of Male.
However, the concession agreement was wrongfully repudiated both by the Male government and the Maldives Airport Company on November 29, 2012, it said, alleging that the same was void ab initio. After detailed further proceedings, the tribunal has issued its final order whereby it has awarded the compensation to GMIAL.
“It has always been our firm belief that the cancellation of concession agreement by Government of Maldives was wrongful. We are happy to note that the tribunal has unequivocally upheld this stand and closed the adjudication with a final award of compensation, said a GMR spokesperson.
This award is a testimony to the high standards of conduct, corporate governance and commitment observed by GMR Group across all its businesses. It further endorses the immaculate track record of the Group in the airport business and its excellent reputation as a leading global airport developer and operator, the spokesperson added.
Earlier in June 2014, the arbitration tribunal had held that the Maldives government and MACL had wrongfully repudiated the concession agreement and that they were jointly liable to pay damages to GMIAL for the losses caused.
