International courts favour the GMR over the dispute of the Maldives airport
It has been 18 months since the GMR Infrastructures Limited had been terminated by the government of Maldives. Recently, it has come to our notice that a concession agreement which would be used to run the island was ruled in favour of the infrastructure development.
This Thursday, it was announced by the GMR a couple of details of the award. The company has currently been claiming a large sum of money as compensation from the government of Maldives. The tribunal at the moment is expecting to have different hearings on the matter of compensation. This vital piece of information was given away by one of the company officials.
A 25 year concession was won over by the infrastructure company so that they could control and operate the famous Ibrahim Nasir International Airport. This is located in the capital city Male and was the bid went up to a large amount of money. In the year 2012, a new government removed the agreement of concession saying that the major reason behind this “void ab inito”.
On a note by GMR, it was mentioned that the tribunal has recently made a declaration that the agreement of concession was valid and was not open for any kind of mistake.
Source – Fe Bureau
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