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| Travel
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| Maldives takes over airport from GM |
| Maldives takes over airport from GMR
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| MALDIVES
, 8-December-2012
1:11:18 AM |
| At midnight, the Maldivian government took over the Ibrahim Nassir International Airport (INIA) from Indian conglomerate GMR Infrastructure, as per the directions of Singapore court. Sources told NDTV that no official from the Indian firm was present at the venue.
"Maldives Airport Company Limited has taken over the operations of the Ibrahim Nassir International Airport from GMR. The transfer process was very smooth and seamless," President Mohamed Waheed's Press Secretary Masood Imad said.
In a press release, on Friday, the Indian infrastructure giant had said, "we have been assured that as a result of this takeover, all our employees, suppliers and other interested parties will not be put to any inconvenience."
GMIAL remains committed to finding a suitable solution to this situation. We are taking requisite steps to work out the compensation receivable from the government of Maldives, keeping in mind the judgement of the aforementioned court and the concession agreement dated June 28, 2010," the release added.
Setback for whom?
The development comes after the Singapore Court of Appeals on Thursday ruled that the Maldives had the right to annul the $511 million contract. The Chief Justice of Singapore's highest court said: "The Maldives has the power to do what it wishes to do in these circumstances, including the power to expropriate the airport."
However, with the detailed written judgement yet to be studied completely, GMR may have a silver lining. The Chief Justice, in his written order, also said: "The wrongful taking of the airport would amount to an act of expropriation for which GMR would be entitled to compensation in accordance with the agreement." The amount of compensation, depending on who one talks to, ranges from $400 million to $700 million. The Maldives has also filed a petition in the Singapore High Court asking it to determine the compensation
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