Maldives told to pay GMR $250m

Male, October 27

A Singaporean arbitration tribunal has ordered the Maldivian Government to pay $250 million in compensation to Indian company GMR over termination of contract to run the Ibrahim Nasir International Airport (INIA).

The Singapore International Arbitration Centre ruled that Maldives should pay $208m in damages to GMR besides interest, raising the amount to $250m, Maldives Attorney General Mohamed Anil was quoted as saying by the Sun Online. GMR had asked for $1.4 bn in compensation.

The government had terminated its contract with GMR on November 27, 2014, during Mohamed Waheed’s presidency following an audit regarding the contract’s monetary, legal and national security implications.

Anil said the audit uncovered conflicts of interest and violations of the rights of government and Maldives Airports Company Limited arising from unseemly reliance on GMR. Anil said the amount of compensation was $800 million less than which was estimated by the Opposition, falling closer to $300 million estimated by President Abdulla Yameen Abdul Gayoom. — PTI