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Singapore High Court stays Maldives GMR decision
Monday December 03, 2012 05:44:15 PM,
IANS
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Singapore/Male: The
Indian infrastructure major GMR-led consortium Monday got an
interim relief from the Singapore High Court which asked it to
continue operating the international airport in the the Maldives
capital Male.
The High Court of Singapore suspended the Maldives government's
decision last week to terminate the $500 million contract awarded
to the consortium for developing the Ibrahim Nasir International
Airport at Male.
"High Court of Singapore today (Monday) granted injunctive relief
(stayed) against the applicability and operations of (contract
termination) letter issued by the ministry of finance and treasury
(MoFT), government of Maldives," GMR said in a statement.
"The High Court upon hearing both the parties was pleased to grant
this stay in favour of GMIAL (consortium of GMR-MAHB)."
However, the arbitration process will continue on the sidelines,
said a company official.
The Singapore High Court is acting as an arbitrator in the issue
between the GMR-backed consortium GMIAL and the Maldives
government. Under the contract, the law of either Singapore or
Britain would apply in case of differences between parties.
GMIAL, which is a consortium of GMR and Malaysian airports
operator MAHB, had won the right to operate and modernise Ibrahim
Nasir International Airport in a bidding conducted by IFC, an arm
of the World Bank.
The Maldivian cabinet had directed GMIAL to hand over the airport
within seven days to state-owned Maldives Airports Company (MACL).
It had also asked GMR to vacate and remove all property from the
airport within 30 days.
According to GMR, both MACL and the MoFT, under the concession
agreement, "are not allowed to interfere with the rights of the
Investor (GMR-MAHB consortium)".
"With this (judgment), GMIAL shall continue to operate the Ibrahim
Nasir International Airport as usual as per the provisions of the
concession agreement," GMR Said.
The GMR Group had termed the cancellation of the contract as
unlawful and is planning to take legal action against the Maldives
government for scrapping its investment of more than $500 million
in the project.
Several Indian banks like Axis Bank, Indian Overseas Bank and
Indian Bank have contributed about $368 million to the project.
This is also the single largest Indian foreign direct investment
in the Maldives.
The project was awarded to the GMR Group through an international
tender advertised by the Maldives government under the tenure of
former president Mohamed Nasheed, who was ousted in February 2012.
The cancellation of the contract had its diplomatic fallout, with
the Indian government saying it could affect bilateral ties and a
"very negative signal" to foreign investors.
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