Maldives says deal on with GMR to hand over airport, Indian co demurs

Maldives airport

Meanwhile Imad said that they will compensate GMR. As per the contract signed in 2010 during the regime of previous President Mohamed Nasheed, Maldives would have to pay about USD 400 million in case of termination.

"Yes... Having said so, we have also engaged proactively on this issue of payments to GMR. I do not want to speculate on the figures and numbers at this time, I would rather (see) it be resolved in the Court," Imad said.

He added that Maldives will go ahead with arbitration over the issue of payments in a Singapore Court.

The Maldives government had on November 27 terminated the USD 500 million airport modernisation project handed over to GMR saying the agreement was "void" and was signed under "dubious" conditions.

Though the Singapore High Court had stayed the termination notice yesterday, Maldives has made it clear that they will not honour the order.

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