The arbitration tribunal at the Singapore Arbitration Centre has, on 25th October 2016, closed the proceedings initiated by the Government of Maldives and Maldives Airports Company Ltd (MACL), following the termination of the Concession Agreement signed on 28th June 2010 between the Government of Maldives, MACL, and GMR-MAHB Consortium, to lease Male’ International Airport to GMR. The Government and MACL terminated the agreement on 27th November 2012, and lodged the case at the Singapore Arbitration Centre on 29th November 2012.
The tribunal ruled for GMR to be paid a total of about USD 250 million as compensation. This is around 18% of the original USD 1.4 billion sought by GMR in damages.
Attorney General Uz. Mohamed Anil, and Managing Director of MACL Adil Moosa briefed the local media today, on the final ruling. The Government and MACL are currently in discussion with GMR, on the payment proceedings.