June 19, 2014 12:37 PM

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GMR wins arbitration award against Maldivian govt

Indian infrastructure giant GMR has won the arbitration award against Maldivian government for wrongful termination of Airport project contract.According to the media reports, the amount of compensation to be awarded to the company will be decided at a later stage of proceedings.GMR has sued Maldives for 1.6 billion dollar compensation under the contract. Maldivian government has so far refused to respond to the news.Former President Mohamed Nasheed's government had signed a lease with Indian infrastructure giant GMR to develop and operate Male International airport.But President Dr. Mohamed Waheed had terminated the agreement in 2012 immediately on coming to power after overthrowing Nasheed.

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